Crowdpouch Marketing Services Pvt Ltd, a platform that enables artists and entrepreneurs to launch a product through pre-selling or fundraising, has raised angel funding.
The Bengaluru-based company has raised this capital from Elina Investments.
Elina, which concentrates on early-stage bets, was founded by Syed Safawi and has invested in companies including GoMechanic, PadUp, Zefmo Media and Tarnea Technology.
The sum involved in the deal was not disclosed.
Crowdpouch, set up by Vittal Ramakrishana, says it will use the funding it has raised for product development, as well as branding efforts and expanding its team.
“Through Crowdpouch, our vision is to create a niche fundraising ecosystem where all essential factors culminate seamlessly to build a nation of dreamers and achievers,” Ramakrishna said.
Elina director Divyendu Kumar said that the firm was confident of its bet on Crowdpouch because of its potential to democratise fundraising opportunities in the Indian market.
Crowdpouch is among a handful of crowdfunding- and fundraising-focussed financial-technology startups operating in the country. These include Ketto, Wishberry, ImpactGuru, and Crowdera.
In May 2018, Harvard-incubated ImpactGuru raised $2 million (around Rs 13 crore) in a Series A round led by Apollo Hospitals Group and startup incubator and accelerator Venture Catalysts. The round also saw participation from Singapore-based RB Investments and family offices.
In June that year, Crowdera raised an undisclosed amount from angel investors as part of a pre-Series A funding round. Backers included Silicon Valley startup attorney Anil Advani and Singapore-based angel investors Pramod Jain, Amrendra Reddy and Manish Satnaliwala.