Mumbai-based fintech start-up Tyke has raised $1.5 million in its pre-Seed round of funding from 9Unicorns, Better Capital, Ratio Ventures, and Venture Catalysts, the company said in a statement on Tuesday.
The round also involved the participation of angels like Jitendra Gupta, Sweta and Amrish Rau, Varun Mittal, Sandeep Aggarwal, Navin Surya, and Ajay Rajan.
The proceeds from the round will be used to build products for companies to digitise and democratise their fundraise. Tyke, which was incorporated this year, enables startups to transact and complete the fundraise digitally and instantly. They aim to disrupt the way angel investment networks; venture capital (VC) and individuals invest in businesses, the statement said.
“Our vision is to make private investing instant and accessible. We are glad to partner with top VCs and angels in our early days, who have been active users of our product,” Karan Mehra, Co-founder and CEO of Tyke said.
Tyke is focused on automating PE investment deals. Its service enables founders to create a round, set terms and invite investors to participate. It then helps handle the requisite documents, signatures and powers the fund transfer instantly using its proprietary software, the statement said.
“We are very bullish on the fintech sector’s growth potential in India, and even more positive on startups within the sector that are creating disruption. Tyke has created a value proposition that would simplify fundraising and make it seamless, and we envisage this as a blue-ocean opportunity in fundraising,” said Dr Apoorva Ranjan Sharma, Founder and President, Venture Catalysts Group.