[Funding alert] Kids-focussed AR startup Cub McPaws raises $800K from global investors
Mumbai-based Augmented Reality (AR) startuphas raised Pre-Series A funding of $800K from a syndicate of investors from the US, Japan, Dubai, and India.
The funding round was led by a Dubai-based global family office. The syndicate of angel investors from Japan include Takayuki Sugiura, CEO of Circus Capital; Daisuke Takagi, Executive Director at UBS; Motoko Tanabe, Founder of HMF Corporation; Toshiro Wakimaru, ex-COO of MedPeer Inc; and Taichi Nakamura, CEO of Venex Ltd.
Existing investor Samyakth Capital also participated in the round. The startup had earlier raised Pre-Seed round from Venture Catalysts in December 2019.
Launched in December 2018 by ex-colleagues Abhay Bhat and Kinnar Shah, Cub McPaws is a direct-to-consumer brand that focuses on premium and comfortable merchandise for kids born after 2010. Its product line includes Magic T-shirts, a first-of-its-kind AR-enabled clothing line; and Terra, a 100 percent chemical-free and organic range of clothing.
The startup said in a statement that it has recorded month-on-month growth of 50 percent even during COVID times.
The startup plans to use the funds to scale up its distribution capabilities, enhance its technology offering, apart from expanding its customer base. The startup also added it is looking at Series A funding very soon and that it will also hire senior professionals.
"Cub McPaws is already a phenomenon among kids and parents across India. The new investment will help us scale our technology offering and create a complete range of products. We will explore international markets where our products have generated significant interest . We are in discussion with an ex-Facebook,senior executive to head our technology team”, said co-founder Abhay Bhat.
Abhay Bhat and Kinnar Shah, Co-Founders of Cub McPaws
Kinnar Shah added the company is in discussion with global venture capital funds for its Series A investment round, and the current investment will help Cub McPaws to fuel growth over next few months.
"Further, this will add benefits of scale, thereby increasing our gross margins significantly. Receiving this investment during such difficult times also shows the strength of our business model," he added.