Startup news and updates: daily roundup (Jan 29, 2022)

Fluid Ventures to invest Rs 25 crore in early-stage D2C startups in 2022

Fluid Ventures, a micro-venture capital fund, said it will invest Rs 25 crore (about $3.3 million) in early-stage Direct-to-Consumer (D2C) startups that clock sales of more than Rs 50 lakh per month.

The fund has already invested in three brands since its launch six months ago, including Jaipur-based online fabric retailer Fabriclore; Shumee, Bengaluru-based sustainable toys brand, and WallMantra, a Delhi-NCR-based home furnishing company. 

Before March 2022, Fluid Ventures will invest in four companies, with a ticket size of up to Rs 2 crore as the first cheque and participation in the follow on rounds with additional capital. 

“The fund is on a mission to invest in visionary entrepreneurs creating digital-first and world-class consumer brands,” said Amit Singal, General Partner, Fluid Ventures. 

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MemeChat secures over $1M in its second funding round

Social media networking app MemeChat secured more than $1 million in its second round of funding led by Beenext, a Singapore-based venture capital firm. 

Angel investors, including Stanford Angels & Entrepreneurs, 9unicorns, Founders Room Capital, Gaurav Munjal, Roman Saini, and Abhishek Goyal, also participated in the round.

Launched in 2019 by Kyle Fernandes, MemeChat is a social media networking app for Generation Z and Millennials and has over five million downloads. The startup connects brands and creators on the platform, with users creating new memes.

Kyle Fernandes, Co-founder and CEO, MemeChat, said, “With a little over two years, MemeChat has experienced exponential growth and an unwavering faith from a strong investor base."

"As a company, we will continue to focus on building a greater creator economy, innovate our product portfolio, strategically leverage brand partnerships, and a lot more,” he added.