[Funding alert] Social network platform FLYX raises $200K in pre-seed funding
Delhi and New York-based FLYX, a first-of-its-kind social network platform for OTT content, announced that it has raised pre-seed funding amounting to $200,000 led by HNIs, including Raj Mishra, Chairman and Founder, AIT Global Inc. The company will use the funds to accelerate product development and further expand services in India.
Founded by seasoned technologists Shashank Singh and Mayank Mishra, FLYX is a streaming social network that helps users find recommended content to watch, on the back of a unique algorithm that aggregates reviews from friends, family, and contacts across all major streaming platforms.
Speaking about the funding, Shashank Singh, CEO and Co-founder, FLYX said “We have seen encouraging growth over the last few months, and we consider this to be the right time to scale our operations, and to strengthen our position as the one-stop shop for reviews, feedback, and updates for entertainment across major streaming platforms in India. Our immediate plan is to enhance technology, and add more streaming and social networking platforms to provide users a more comprehensive experience.”
The app is available for free download on both iOS and Android stores, and works across all streaming platforms such as Netflix, Amazon Prime, Hotstar, Hulu, and Google Play among others. The company said its platform lets users cross-post on other social media platforms, including Instagram and Snapchat.
The core principal of FLYX is to reduce time in decision-making and find positive reviews from the people they trust most with their personal taste.
"The ability to identify a need in the marketplace and quickly adapt to consumer needs positions the startup beautifully in this constantly changing marketplace," says Raj Mishra, Chairman and Founder, AIT Global Inc.
Earlier in April, Mumbai-based interactive mobile fiction platform Plop had raised an undisclosed amount in an angel round of funding led by Better Capital, Hari Balasubramanian’s EaSyndicate on LetsVenture, and angels, including Rohit Chanana (ex-President HeroCorp), Jayant Kadambi (serial entrepreneur and Silicon Valley investor), and Sunil Kumar Singhvi (MD South Handlooms).
(Edited by Teja Lele Desai)