Teewe raises 11 crores in seed funding from Sequoia Capital and India Quotient Fund
Mango Man Consumer Electronics, makers of Teewe - a HDMI media streaming dongle that converts a normal TV to a smart TV, announced that it has raised USD 1.75 million in seed fund from Sequoia Capital and India Quotient Fund.
Often called India's answer to Google Chromecast, the company was founded in 2013 by Sai Srinivas Kiran G and Shubh Malhotra and currently has a team of 22 comprising of engineers, product people, designers and hackers, who have built and managed a range of consumer and enterprise products. They had raised angel investments from Kavin Bharti Mittal, Pavan Ongole of Bharti Soft Bank, Arun Seth (ex-British Telecom) and Palaash Ventures.
Speaking about the fund raise, Co-founder and CEO of Mango Man Consumer Electronics, Sai Srinivas Kiran G said, “We are very thrilled with this round of funding from Sequoia Capital and India Quotient Fund, and consider it a validation of our founding principles. Teewe is our first attempt to change the way users experience video streaming, and we will continue this quest with upgrades for Teewe and launch of new products.”
“We are delighted to back Teewe to build this smart hardware, made intelligent with integrated software services. Their first product allows users to watch personal videos and online videos on televisions seamlessly, and the usage data on Teewe is very exciting.” said Shailendra Singh – Managing Director, Sequoia Capital India Advisors.
The funding will be utilized for product enhancement, new product development, scaling production and distribution, as well as for international expansion of the company’s flagship product - Teewe.
The company aims to improve the home entertainment experience by offering connected entertainment products, the first of which is the Teewe – a HDMI dongle that plugs into a television, allowing users to stream HD quality content off their devices including desktops, laptops, mobile devices and tablets. The accompanying software is compatible across platforms such as Android, iOS, Windows, Mac OS, Linux and Chrome.
