AngelPrime, a seed stage venture capital fund has announced that it has raised approximately $47 Mn (INR 300 Cr.) for a brand new seed stage fund. The funding changed into lead through Social+Capital partnership, a capital company together with numerous institutional traders from Silicon Valley, New York, Hong Kong, Europe and Singapore additionally collaborating.
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With the, AngelPrime additionally introduced that they're now rebranding them as Prime Venture Partners.
The fund will hold on investing inside the seed level and additionally, can even earmark budget for upcoming rounds. The enterprise feels that the name ‘Prime Venture Partners’ resonates with the corporation higher.
Prime ventures Partners will retain to put money into a number of Startups each 12 months and could amplify its guide to the entrepreneurs with enterprise and product approach, hiring, partnerships, advertising, finance and will also pass an additional mile and help them to elevate next capital.
Prime Venture Partners is a Bangalore-primarily based seed fund led via serial marketers Sanjay Swamy, Shripati Acharya and Amit Somani.
We had a chat with Amit Somani dealing with associate, Prime Venture Partners and here are the excerpts of the identical.
Inc42: How does Angel Prime intend to channelise the price range, are you making plans to diversify significantly?
Amit Somani: No we're still going to stick to our middle business of funding Financial Tech and Consumer Internet organizations. We stick with the philosophy of investing most effective inside the companies we recognize about else it's going to no longer be honest either for us or for the startup we invest in.
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Inc42: What is your opinion about the rapid spherical of frenzied investments inside the enterprise?
Amit Somani: Well it is each manner around, in Bangalore itself their are more than 2750 startups and no longer they all are funded. In fact I have come across several appropriate ideas that have now not been funded, that being stated, I could additionally agree that some of the startups are being assessment are overkill.
Inc42: What do deal with even as making an investment in an startup. Customer Traction or Innovation in the business?
Amit Somani: Strangely sufficient, we have always been concentrating on the component of innovation within the product. This is something that has paid us returned nicely and in case you take a look our corporation’s portfolio we've funded startups with very particular price proposition.
Prime Venture has invested groups like ZipDial(acquired by Twitter), Ezetap, Smart Owner, Synup, happay and Vidgyor. It funds agencies to help build disruptive groups out of India and deal with an opening within the Indian Startup atmosphere.
