Invite-only networking and fundraising platform for startups Scope on Thursday launched its new $50 million venture capital fund under its investment banking arm SCOPE VC. The fund will invest in startups focusing on India and the US markets. The average deal size would vary from $500K to $2 million per startup, targeting early-stage ventures.
“Fintech in India and gaming in the U.S. are showing tremendous 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 & CEO of Scope.
Scope said the fund will cater to startups in the fintech and gaming sectors. “In India, the fintech sector is booming, driven by increasing digitization and financial inclusion, while the gaming industry in the U.S. is experiencing exponential growth due to technological advancements and changing consumer behaviors,” the company said.
The VC firm said it would look at adopting a Y Combinator (YC) like cohort model wherein it would offer startups mentorship, corporate connections, and strategic resources. This will create a one-stop shop for founders, enabling them to access everything they need to scale their businesses efficiently.
“Our goal is not just to fund startups but to create a robust ecosystem where 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 said that it plans to launch a $20 million angel fund within the next three months for startups.
In an interaction with FE Aspire in May this year, Saikiran had said that the angel fund will be modelled on the concept of Village Global – an early-stage venture firm with a network of 400 founders globally such as Jeff Bezos, Bill Gates, Michael Dell, etc.
The new angel fund will back startups across sectors, akin to syndicate funds involving a group of investors that pool capital to invest into deals. The angels for the new fund are likely to be from a pool of investors on Scope.