LetsVenture raises $650K in angel seed round

Bangalore based crowd funding platform has raised USD 650, 000 (INR 4 crore) from a group of angel investors, on Monday, reported Economic Times. 21 investors participated in the seed funding round including Accel Partners.

Investors which led the round included Eka Software cofounder Manav Garg, InMobi cofounder Naveen Tewari , angel investor Rajan Anandan and Sharad Sharma, cofounder of software product industry think tank iSpirt.

The team plans to use the raised funds to broaden the scope of its deal making services.

“Our collective vision behind this investment is to take the number of seed stage and Series A deals in India from 200 to over 1000 in a couple of years. Not only will it act as a LinkedIn for India’s startup ecosystem but also generate valuable growth ideas for large MNCs such as Intel and Google who want to grow their business to the next level with innovation,” said Manav.

Founded in 2013, LetsVenture is an initiative of three viz. Sanjay Jha, Manish Singhal and Shanti Mohan. It enables startups looking to raise seed / angel money to create investment ready profiles online, and connect to accredited Investors. It has currently around 750 startups and 375 Indian investors registered on its platform .

The platform currently take 2-3% of the amount raised as a commission. This fiscal, it aims to close 35 funding deals. Also, it plans to include annual registration packages for INR 20, 000 as a fee.

Recently, portals such as Frrole and ecommerce venture BlueGape has raised funding via LetsVenture platform.

To contact the author, email at meha@iamwire.com

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