Grow VC and Springboard Ventures bring ‘Crowd-Funding’ to India to boost start-ups support infrastructure
In what could be a defining milestone in Indian entrepreneurial development domain - Grow VC, the ‘Virtual Silicon Valley’ software platform and world’s first-ever ‘Crowd-Funding’ and interaction platform for startups announced the launch of a local funding network in India, in association with Springboard Ventures – an ensemble of experts dedicated to promoting start-ups. Based around the same model as the existing global funding network Grow VC offers, the Indian local funding network will be the first of many “local” networks the company looks to launch within its wider global network in the coming months. Grow VC’s community platform for entrepreneurs who are looking to grow their early stage startups through the “crowd-funding” has already gathered considerable interest with hundreds of new sign-ups each month and active participation of investors, startup service providers, advisors and entrepreneurs within the online community.
Grow VC works to create a “Virtual Silicon Valley” community and develop new models for more efficient early phase funding. Grow VC just announced the Virtual VC Co-investment Fund to enable VC’s to participate in Grow VC’s seed investments. IndiaCo a leading investment management firm from India is the first partner to come aboard the fund and has committed to invest $5 million to the virtual fund will pave the way for other VC’s to join the fund. The local network in India will be spearheaded by Springboard Ventures creating a tailored network suited to Indian needs and culture.
The launch of Grow VC India will pave the way for many ‘firsts’ in the innovative start-ups domain within the country as pointed out by Satish Kataria - Managing Director at Springboard Ventures. “It would be the first ever single platform to bring together the various entities which revolve around the creation and growth of start-ups while allowing them all to interact and work together with each-other. Besides uniting angel investors and entrepreneurs, this platform offers a first-time opportunity to various experts and consultancies to now come forward and offer their services to start-up community through innovations such as ‘Service Investments’. “ says Satish. This will essentially help enhance the ‘funnel’ or ‘bandwidth’ of support to Indian entrepreneurs bringing into the system not just funders, but experts, advisors and other resources which can help create and grow successful start-ups.
Indeed, as a significant start towards this journey of bringing all key Indian entities together, Indian Angel Network – India’s first and largest network of Angel Investors – having more than 125 members throughout the country, have agreed to associate with Grow VC India – in order to further strengthen and boost Indian start-up eco-system.
“We see that India is very important market for Grow VC, because it has a strong entrepreneurial culture and also nowadays, more investors that are interested in investing in local but also international companies”, says Jouko Ahvenainen Founder & Chairman at Grow VC. “India also has a lot of experience in crowd-funding and other innovative finance models. We have already now seen a lot of Indian users also in our global service.” he adds. Local networks will play an important role in Grow VC’s strategy to build a strong global start-up funding community and the company aims to offer options and freedom to its users allowing them to operate on a local level or operate on a global level too if they choose to.
