Startup funding: Online startup investment network Soonicorn Ventures (SV) on Tuesday said it received regulatory approval from the market regulator Securities and Exchange Board of India (SEBI) to launch a Rs 250 crore angel fund under Category-I Alternate Investment Fund (AIF). With an additional Rs 250 crore available as a green-shoe option, the fund will invest Rs 50 lakhs to Rs 4 crore in seed to Series A startups across sectors. Apart from the capital, SV will also offer mentorship and global networking opportunities to its portfolio startups.
The platform said it has been investing in drone technology, B2B SaaS, electric vehicles (EV), financial technology, supply chain logistics and other sectors. Zypp, Zingbus, Samosa Party, SupplyNote, AutoNxt, Skylark, etc., are among the startups in SV’s portfolio.
Soonicorn Ventures is an invite-only platform for startups and investors such as venture capital, private equity, angels, family offices, accelerators and others to meet and close deals online. According to the platform, founded by CA Vijay Singh Rathore and CA Pravesh Goel in January 2022 and backed by advisory firm Nucleus Advisors, it hosts more than 2,000 investors.
Vijay Singh Rathore, CEO, and Co-Founder of Soonicorn Ventures said the target is to build a portfolio of 30 startups this year. “This accomplishment is a testament to the confidence our investor community has placed in our rigorous deal curation process. With the introduction of this Angel Fund, we aim to provide more flexibility to investors and facilitate single-cap-table entries for startups. Additionally, we will assist syndicates in utilizing fund-as-a-service.”
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“For investors, the SV platform is free to join, with no annual membership fees, making it easy for them to explore investment opportunities and diversify their portfolios,” added Vijay.
Typically, online dealmaking platforms significantly reduce the time entrepreneurs need to spend on fundraising by often assisting them in crafting investment-ready online profiles, understanding the criteria accredited investors consider when investing in a startup, evaluating business plans, finalizing term sheets and shareholder agreements, and conducting legal and financial due diligence. Such platforms usually take a cut from a startup’s total deal size.
LetsVenture, ah! Ventures, Tyke etc., are other similar startup funding platforms for founders and investors in India.