[Weekly funding roundup Dec 26-30] Hope wins out for a favourable 2023 as 2022 ends on a sluggish note
As 2022 comes to an end, the momentum of venture capital funding continued to be in slowdown mode in December. However, the hope across sectors is that 2023 will be way better.
The last week of the year saw total venture funding of $124 million, which was largely driven by the $75 million fund raise from, now closer to a unicorn valuation.
The year saw a major focus on early-stage deals from the VC community and there was very little activity in the late-stage category. This actually brought down the quantum of funds raised by Indian startups during the year - the estimate is that it would be 40% lower than the 2022 figure.
The focus is on 2023 and how it will pan out for the Indian startup ecosystem, with the expectation is that the environment would improve in the second half of the year.
The investor community expects there would be further clarity once the Union Budget is presented as there is already enough capital raised by venture capital firms in 2022.
Money View raised $75 million from Apis Partners, Tiger Global, Winter Capital, and Evolvence at a valuation of $900 million.
Mumbai-based fintech startup Eduvanz raised $12.6 million (about Rs 104.5 crore) from new and existing investors.
Agritech startup Ecozen secured $10 million from Nuveen Global Fund. This is the second tranche of its planned Rs 200 crore Series C round.