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; , Bengaluru-based sustainable toys brand, and , 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.
Taaran Chanana and Kyle Fernandes, Co-founders of MemeChat
MemeChat secures over $1M in its second funding round
Social media networking appsecured 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.