Chennai-based social business incubator, Villgro has launched a INR 20 crore fund with partnership from US-based Michael & Susan Dell Foundations (MSDF). The fund is targeted incubating education start-ups working primarily in areas pertaining to improving learning outcomes for school-going children and skills training for urban youth. For the initial phase, Villgro has decided to incubate and fund about 12 start-ups.
As per an ET report, MSDF has given part of the INR 20 crore as donor grants to Villgro and will be investing the rest of the money in the social impact fund.
Paul Basil founded Villgro in 2001 with an aim of incubating early-stage businesses. It has incubated over 100 enterprises and has secured INR 873 million funding. In November 2014, it had invested in seven start-ups which include- Kamal Kisab, Flybird Innovations, VectorDoc, SustainEarth, SkillTrain, MicroX Labs and Bempu in the range of INR 10-15 lakh for each.
In order to extend its education portfolio, Unitus Seed Fund had also made seed round investment in New Delhi-based Cue Learn Pvt. Ltd. and Bangalore’s Curiositi in December 2014.