3 mins read
Invitation-only networking and fundraising platform for startups Scope launched its new $50 million venture capital fund under its investment banking arm SCOPE VC on Thursday. THE funds will invest in startups focused on the Indian and US markets. The average deal size reportedly ranges between $500,000 and $2 million per startup, targeting early-stage companies.
“Fintech in India and gaming in the United States is showing considerable growth, and we believe there is a significant opportunity to invest in startups that will define the future of these industries,” said Appalla Saikiran, founder and CEO of Scope.
Scope said the fund would target startups in the fintech and gaming sectors. “In India, the fintech sector is booming, driven by increasing digitalization and financial inclusion, while the gaming sector industry in the United States is growing exponentially due to technological advancements and changing consumer behaviors,” the company said.
Visa processing startup Atlys raises $20 million from Peak XV, Elevation Capital, DST Global and others
P2P lender integration drops more than 90%; most platforms stop adding new users
Seva Online Passport Portal will be unavailable for five days from today, here’s why
Q-comm players racing to increase order value
The venture capital firm said it would consider adopting a Y Combinator (YC)-style cohort model in which it would provide startups with mentorship, corporate connections and strategic resources. This will create a one-stop shop for founders, allowing them to access everything they need to effectively scale their business.
“Our goal is not just to fund startups, but to create a strong ecosystem in which founders can thrive. We plan to build cohorts of startups and provide them with access to mentors, corporate partners and other resources they need to succeed,” Saikiran said.
Scope also announced plans to launch a $20 million angel fund over the next three months for startups.
During an interaction with FE Aspire in May this year, Saikiran had said that the angel fund would be modeled on the concept of Village Global – an early-stage venture capital firm with a network of 400 founders globally such as Jeff Bezos, Bill Gates, Michael. Dell, etc.
The new angel fund will support startups across sectors, similar to syndicated funds involving a group of investors who pool capital to invest in deals. Angel investors in the new fund will likely come from a group of investors on Scope.
