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Mark Zuckerberg’s Philanthropy Venture Invested $24 million in Andela

17Jun By AdityaNo Comments

FUNDING

Mark Zuckerberg’s Philanthropy Venture Invested $24 million in Andela

Facebook Inc founder Mark Zuckerberg's philanthropy venture has made its first major investment, leading a funding round in a startup that trains and recruits software developers in Africa. The Chan Zuckerberg Initiative LLC, created by Zuckerberg and his wife Priscilla Chan, led a $24 million Series B funding in Andela, the startup said on Thursday. Alphabet Inc's GV, previously known as Google Ventures, was also part of the funding round. Andela selects the top 1 percent of tech talent from Africa, trains them and places them in engineering organizations. The startup, which has nearly 200 engineers currently employed by its Nigeria and Kenya offices, will use the funds to expand to a third African country by the end of 2016. "We live in a world where talent is evenly distr...

Airbnb Inc Secured $1 Billion Debt Facility From US Banks

17Jun By reutersNo Comments

FUNDING

Airbnb Inc Secured $1 Billion Debt Facility From US Banks

Apartment-sharing startup Airbnb Inc has secured a $1 billion debt facility from some big U.S. banks to aid its new services and finance its expansion plans, a source close to the company said. JPMorgan, Citigroup Inc, Morgan Stanley and Bank of America Corp led the debt deal, the source said. Airbnb, which expects to achieve profitability in 2016, raised over $100 million in a round of funding late last year. Bloomberg reported the funding deal earlier on Wednesday. Representatives at JPMorgan, Citigroup, Morgan Stanley and Bank of America were not immediately available for comment outside regular U.S. business hours. Priceline, Expedia and other travel companies have been facing increased pressure in their hotel bookings business from the rise of startups such as Airbnb.

17Jun By AdityaNo Comments

FUNDING

Fashion Marketplace Startup Voonik Raises 133 Cr Funding From Kunal Shah & Others

Fashion marketplace Voonik has raised USD 20 million (around Rs 133 crore) in Series-B round of funding to scale up operations. Sequoia Capital led the round with participation from Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments and Kunal Shah, it said in a statement today. "The funds will enable Voonik to enhance customer experience, strengthen their personalisation engine, and to scale up Mr Voonik and Vilara," the company said. "Series A helped us in gaining scale, and now with this renewed investor confidence through Series B, we are all set to consolidate our leadership in fashion commerce," co-founder and CEO Sujayath Ali Voonik said. Launched in August 2014, The company has 10 million registered users, 8 million app downloads, 100 million annu...

Twitter Invests $70 million in SoundCloud

15Jun By sharadNo Comments

FUNDING

Twitter Invests $70 million in SoundCloud

Reuters- Twitter Inc has invested about $70 million in Berlin-based music service SoundCloud, technology website Re/code reported citing people familiar with the deal. Twitter confirmed the investment, but did not provide any financial details. "Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators," Twitter chief executive Jack Dorsey said. Soundcloud, a platform that enables people to upload and share music and other audio files, also confirmed that Twitter had made the investment. The news app company investment was part of a funding round expected to be in the range of $100 million, which would value SoundCloud at about $700 million, the Re/code report said. The micro blogging site has previously atte...

13Jun By reutersNo Comments

FUNDING

Online Lender Marketlend Raises $1 Million in Funding

Australian online lender Marketlend on Monday said it has closed on a $1 million investment lead by fin-tech entrepreneur Jon Barlow and former KKR dealmaker Mati Szeszkowski. Marketlend, which helps connect businesses that are looking for funding with investors, will use the new money to further automate its technology systems and originate more loans, the company's founder Leo Tyndall said in an interview. Marketlend's fundraising marks the latest sign of continued investor interest in online lending globally, despite a slowdown in loan originations and increased regulatory scrutiny in the United States. Marketlend's platform allows businesses to borrow money against unpaid invoices, helping to relieve a cash flow shortage. If a company is waiting for a customer to pay them, it can se...

Coffee Day Enterprises Unit Sical Logistics to raise Rs 100 cr

11Jun By NitishNo Comments

FUNDING

Coffee Day Enterprises Unit Sical Logistics to raise Rs 100 cr

Coffee Day Enterprises, which runs coffee chain under brand Cafe Coffee Day, today said its subsidiary Sical Logistics plans to raise Rs 100 crore through issuance of non convertible debentures (NCDs) on private placement basis. "The companys subsidiary Sical Logistics Ltd at their Board meeting have approved the proposal to raise a fund of Rs 100 crore by way of issue of secured non convertible debentures on private placement basis," Coffee Day Enterprises said in a BSE filing. The company said it will utilise the proceeds of funds raised for redemption of an existing NCDs of Kotak Mahindra Bank. "Kotak Mahindra Bank, the present holders of 12.75 per cent secured non convertible debentures of Rs 100 crore issued by our subsidiary company in 2013 through the IDBI Trusteeship commu...

Telecom Solutions Provider U2opia Will Invest Around Rs 20 Cr in Indian Startups

11Jun By AdityaNo Comments

FUNDING

Telecom Solutions Provider U2opia Will Invest Around Rs 20 Cr in Indian Startups

Telecom solutions provider U2opia Mobile will invest USD 3 million (around Rs 20 crore) over the next three years to fund startups working on scalable mobile technology. Under its Catapult programme, in the first year, U2opia will invest in five-six companies that have about 2-4 members. The programme is aimed at helping early-stage startups and entrepreneurial teams that are finding it difficult to raise funds, U2opia Mobile co-founder and MD Sumesh Menon said. These companies could be working in areas like mobile security (antivirus), gaming or solutions for operators, he said. "Under this programme, all teams will be given access to state of the art technology infrastructure, ample working space, brand and marketing support, management and financial cover," Menon added. Bes...

Larry Page Backing Two Start-ups Making Flying Cars

10Jun By reutersNo Comments

News

Larry Page Backing Two Start-ups Making Flying Cars

Google co-founder Larry Page is backing two start-ups that are working on flying cars, including funding one of them with more than $100 million so far, Bloomberg said on Thursday, citing sources. Zee.Aero, into which Page has poured more than $100 million since it started in 2010, conducts test flights of its prototype at an airport hangar in Hollister, California, Bloomberg said. The start-up has a manufacturing facility on NASA's research center at the edge of Mountain View, the news agency said. Since last year, Page has also been funding another start-up, Kitty Hawk, that is working on a similar competing model, Bloomberg said. Kitty Hawk, which employs about a dozen engineers and has its headquarters about half a mile away from Zee.Aero, is working on "something that rese...

Silicon Valley Founding Father Tom Perkins Dies at 84

10Jun By reutersNo Comments

News

Silicon Valley Founding Father Tom Perkins Dies at 84

Thomas Perkins, one of the founding fathers of Silicon Valley, died on Tuesday at age 84 at his home in Belvedere, California, according to the Marin County coroner's office. As co-founder of the venture capital firm Kleiner Perkins Caufield and Byers, Perkins played a major role in the formative years of the computer and biotech industries. The firm that bears his name went on to fund some of the biggest names of the internet era, including Google and Amazon. Perkins helped start Kleiner Perkins in 1972 with Eugene Kleiner after working as the first general manager of Hewlett Packard Co's computer division and later starting University Laboratories, a laser company that used Perkins' own optical inventions. "He was there at the start of the biotech industry and the computer revol...

10Jun By NitishNo Comments

FUNDING

TVS Automobile Invests in 3 Startups

TVS Automobile Solutions, a part of the Chennai-based TVS Group, today said it has made substantial investments in three startups as part of its digital initiatives to provide business solutions to vehicle and component manufacturers. The company, which has so far invested Rs 75 crore in various technology startups expects the new businesses to generate revenues to the tune of Rs 250 crore in the next three years. TVS Automobile Solutions (TVS ASL) said it has made investments in JAZZMYRIDE.com, an e-commerce player in auto aftermarket dealing with parts and accessories for passenger vehicles, two wheelers and commercial vehicles. It has also invested in AUTOSENSE, a technology and analytics based customer management services and REDSUN, a startup in Internet of Things space worki...

Fashion Venture 6Degree Raises $200K From IAN

9Jun By AnkitaNo Comments

FUNDING

Fashion Venture 6Degree Raises $200K From IAN

Indian Angel Network (IAN),India's largest angel investor group, has invested $200,000 in fashion talent and tech startup 6Degree. 6Degree said it will use the proceeds from the round to enhance its technology and to expand its reach. It also plans to expand its fashion services and launch enterprise solutions for fashion weeks. "Fashion as a genre cannot be underrated and it is important to integrate technology with fashion. Our aim is to unite various domains of fashion and create one holistic group of like - minded people," said Nikhil Hegde, chief executive of 6Degree. Founded in 2014 by Hegde and Amit Bhardwaj, 6Degree offers a platform that brings together various members of the fashion and lifestyle sector, such as, fashion designers, bloggers, brands, model's and photographers. T...

8Jun By AdityaNo Comments

FUNDING

UK Based Koovs Raises 30 Cr Funding From HT Media

UK-based online fashion player Koovs plc today announced raising 3.3 million pounds (over Rs 30 crore) from HT Media Ltd and Dragon Asia Holdings Pte Ltd to fund its marketing and brand building activities in India. Koovs said it has issued 1.2 crore new ordinary shares at a price of 25 pence per ordinary share to HT Media translating to 8.2 per cent stake in the enlarged issued share capital of the fashion portal. Similarly, the company issued 12 lakh new ordinary shares at a price of 25 pence per share to Dragon Asia Holdings Pte Ltd taking total holding in it to 19.2 per cent. "This investment shows further momentum in our Capital Raising and supports our focus on marketing in order to accelerate brand awareness and sales growth for Koovs in India. Our ambition remains t...