TLDR:
- Scope, a startup networking platform, is launching an angel fund of $15 million for early-stage startups in India.
- The fund will follow the model of Village Global, aiming to onboard 35 top-tier founders-cum-angel investors.
Article Summary:
In May 2024, Scope, an invite-only networking and fundraising platform for startups, announced its plans to launch an angel fund for early-stage startups in India. The new fund, with a corpus of around $15 million, is inspired by the concept of Village Global and aims to invest in startups across various sectors in the country.
Scope’s Founder and CEO, Appalla Saikiran, mentioned that the fund will bring on board up to 35 top-tier founders-cum-angel investors, mostly high-net-worth individuals. This initiative comes after the successful launch of Scope’s $45 million venture capital fund in December the previous year.
The angel fund will operate similar to syndicate funds, where a group of investors pools capital to invest in deals. Scope currently boasts over 20,000 angel investors, more than 5,000 VCs, and 400 family offices on its platform, facilitating funding for numerous startups since its inception in 2021.
Village Global, a California-based firm, provides various support services to startups beyond capital, such as customer introductions, finding co-founders, hiring early employees, and expert advice. Scope, focusing on startups seeking seed or pre-series A funding, has already closed 17 funding deals in the past six months, mainly in the deep tech and gaming space.
Additionally, Scope raised $6 million in January to expand its operations to the US market and further tap into the startup ecosystem. The platform’s approach is similar to other startup investment platforms in India, such as LetsVenture, ah! Ventures, and AngelList.
