LetsVenture companies help start-ups, Sourcewiz gets $3 million in seed funding, Funding Deals & more.
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Foodpanda and Rebel Foods launch Asia’s largest virtual brand partnership
Rebel Foods, a cloud kitchen startup, announced that it has collaborated with Foodpanda, a food and grocery delivery platform, to develop and create 10 virtual kitchen brands across 2,000 locations in the APAC area. The initiative has already been tested in six countries: Singapore, Malaysia, Bangladesh, Thailand, Hong Kong, and the Philippines.
Both companies will strive to create more than 10 virtual brands in over 2,000 stores across the region as part of this five-year partnership. This makes it Asia’s largest virtual brand relationship, and the region’s first of its sort on this scale.
Rebel Foods’ brands on the Foodpanda app rose 40% month over month on average in the last six months, according to the cloud kitchen, and more than 200 outlets across the six markets signed up to add them to their existing food and beverage (F&B) offerings.
LetsVenture launches an investment syndicate, LV Fuel
LetsVenture, an early-stage investment platform, has announced a new initiative called LV Fuel where founders, who are a part of their portfolio of startups and have raised funding, want to give back to the ecosystem with capital and non-capital resources.
LV Fuel, as an investment syndicate, will make investments in start-ups ranging from $30K to $2 million and is sector and stage agnostic. LV Fuel also gives founder-investors the option of investing in start-ups. LV Fuel currently has no limit on the number of start-ups it will invest in.
LetsVenture has over 375 startups in its portfolio, with a combined value of over $3 billion, and counts companies such as Trell, Khatabook, Classplus, Dukaan, Airmeet, Infeedo, Agnikul Cosmos, Bimaplan, Bobble AI, Aureus Analytics, MyUpchar, Biddano, and Absolute Foods in this list.
- Non-profit organisation Habitat for Humanity International has invested Rs 3 crore in startup Tvasta Manufacturing Solutions Ltd to boost the supply of affordable 3D printed homes in India.
- Edtech startup Questt on Thursday said it has raised $6.75 million (Rs 50 crore) in funding, led by Celesta Capital and Premji Invest.
- IDfy, Mumbai-based ID verification and onboarding solutions company, announced that it has raised an investment of Rs 86 crore in its series D round of funding led by TransUnion and Blume Ventures.
Sourcewiz raises $3M led by Blume and Alpha Wave Incubation
Sourcewiz, a platform for exporters, has raised $3 million in a seed round of funding. Blume Ventures and Alpha Wave Incubation (AWI), which is backed by DisruptAD and managed by Falcon Edge, co-led the funding round.
The round also saw the participation of angel investors such as Ravi Bhargava, Former CEO Arvind Limited, one of India’s largest export houses, Rakshita Agrawal, GM at Wayfair, US-based home furnishing marketplace, and other marquee angels with experience in SaaS (software as a service) such as Dhruvil Sangvhi, Co-founder and CEO, Loginext and Ashish Tulsian of Posist.
Sourcewiz, founded in 2021 by second-time entrepreneurs Divyaanshu Makkar, Vikas Garg, and Mayur Bhangale, has established a platform to digitalize exporters’ operations and increase revenue at a time when the pandemic had decimated their industry.
Tweet of the day
⏩ Zomato CEO Deepinder Goyal joins the Unacademy board.
⏩ Pratexo Wins Edge Startup of the Year at Edge Computing World 2021.
⏩ WeWork stock starts trading, two years after an aborted I.P.O.
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