[Funding alert] AI-based networking platform CoffeeMug.ai raises $625K in pre-seed round from Paradigm Shift Capital, AngelList India
Networking startup CoffeeMug will use the fresh funds to accelerate its efforts to refine its AI-based matchmaking algorithm, double its existing user base, and connect users with genuine business opportunities.
Singapore-based AI-based 1:1 professional networking platform CoffeeMug.ai on Wednesday announced that it has raised $ 625,000 in a pre-seed round led by Paradigm Shift Capital and AngelList India.
The round also saw participation from marquee angel investors, including Archana Priyadarshni (General Partner, Point One Capital), IIM Indore Alumni Angel fund, Yagnesh Sanghrajka (Co-Founder and CFO, 100X.VC), and Aloke Bajpai (Co-Founder and CEO, ixigo.com).
According to the offficial statement, CoffeeMug plans to use these funds to accelerate its efforts to refine its AI-based matchmaking algorithm, double its existing user base of 50,000 globally, and connect them with genuine business opportunities like leadership level jobs and fundraising.
Govind Mundhra, Founding General Partner, Paradigm Shift Capital, who will be joining the board of CoffeeMug, said, "CoffeeMug will use these funds to cement their acquisition models to expand into the global scale and add more muscle to its AI-based matchmaking algorithm, which perfectly aligns with the Future of Work. Their unique platform-centric senior leadership only model streamlines networking and unlocks real opportunities for its members around recruiting, partnering, mentoring, and investing verticals”.
Launched in 2020 by serial entrepreneurs Abhishek Sharma and Dipti Tandon, CoffeeMug claims to have witnessed consistent growth, with 50,000 members joining the platform within a few months of its inception. Currently, the platform is adding over 15,000 members every month to its community.
Abhishek Sharma, Co-founder and CEO at CoffeeMug.ai, said,
“Warm Introductions are everything in business, and our model of making relevant connections virtually breaks down the barriers of traditional networking. CoffeeMug is poised to address this globally, helping people grow professionally by unlocking all types of opportunities, including switching jobs, raising or investing money or meeting business experts to address challenges.”
Previously, Abhishek was the Co-Founder of Edutech startup TenMarks.com based out of SFO, which got acquired by Amazon.com. Later, he joined Times Internet as a Head of HR in 2014, before joining Dineout as the COO.
Dipti Tandon was the Co-Founder of Jeevansathi.com and the founding member of Magicbricks.com. Her previous assignment was as the Chief Business Officer (CBO) of Lenskart.com. Both, Abhishek and Dipti have been pioneers of tech ventures, and CoffeeMug.ai is their latest venture.
Edited by Teja Lele