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

YourStory presents daily news roundups from the Indian startup ecosystem and beyond. Here's the roundup for Saturday, January 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. 

Taaran Chanana and Kyle Fernandes, Co-founders of MemeChat

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.

Edited by Suman Singh


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