[Funding alert] Digital sampling platform FreeStand raises Rs 1 Cr led by SucSEED Indovation Fund
Delhi-based FreeStand, which enables FMCG brands to deliver physical product samples to digitally targeted customers, has raised a seed round of Rs 1 crore led by SucSEED Indovation Fund. The angel investors who also participated in the round include Dr Krishna Nehra, Surpiya Kumari, and Mamta Nehra.
The startup plans to utilise this capital to expand a pan India operational capability.
“Digital product sampling is a trend to watch and we believe that brands will discover how powerful product sampling can be when combined with modern digital marketing and customer feedback practices,” said Vikrant Varshney, Managing Director of SucSEED Indovation Fund.
“FreeStand has been at the forefront of this shift and we’re ready to support it to handle the increased interest and expand to new geographies,” Vikrant added.
In January 2020, Hyderabad-headquartered SucSEED Indovation, the SEBI-registered alternative investment and venture capital angel fund, had announced the first closure of its maiden Rs 100 crore fund by raising Rs 40 crore. Through this fund, SucSEED Ventures said it aims to support 50+ startups till they become large enterprises over their three-stage funding thesis.
Founded in 2018 by Sneh Soni, Konark Sharma, and Kavach Chandra, using the FreeStand platform a brand can directly interact with targeted customers, enable a product trial, measure feedback, and drive a purchase decision at scale.
“FMCG marketers are the sharpest of any industry considering the impact they have had on the society, to build a marketing software for this industry is both challenging and exciting at the same time,” added Konark Sharma, CEO, FreeStand.
Incubated and supported by AIC Banasthali Vidyapith, FreeStand claims to have worked with 12 FMCG brands and delivered more than one lakh samples. The startup counts Anmol Industries, Keeros Foods, Soch Foods, Wild Vitamin Drink, Evocus Alkaline Water etc among its clients.
Going forward, the firm plans to be present across the southeast Asian market before 2022.