Technology for MSMEs: Facebook today has announced its partnership with the venture capital fund Stellaris Venture Partners to scale small businesses by providing them with digital skills.
The partnership is a part of the social media platform’s VC Brand Incubator Program to build the ecosystem for SMB growth in the country.
During the pandemic, the VC Brand Incubator program has evolved into a two-day virtual event from a one-day physical workshop.
As a part of the programme, Facebook has been associating with several venture capital funds to provide young businesses with digital skills and to improve key profitability levers such as new customer acquisition, reach, and brand engagement.
The programme was launched two years back and since then has mentored more than 200 small businesses at various stages of their growth. In its previous avatar, the programme has tied up with nine VC funds such as Stellaris Venture Partners, Fireside Ventures, Elevation Capital (of SAIF Partners), Surge (from Sequoia), DSG Consumer Partners, Matrix Partners, amongst others.
“As business after business moves online in current times, the need for timely digital up-skilling becomes even more urgent to drive their recovery and growth,” said Archana Vohra, Director, Small and Medium Businesses at Facebook India.
The latest edition of the VC brand Incubator program is focussed on health and wellness, e-commerce and consumer packaged goods.