The funding round saw participation from marquee angel investors, including Archana Priyadarshni (General Partner, Point One Capital), IIM Indore Alumni Angel fund, Yagnesh Sanghrajka (Co-Founder and CFO, 100X.VC), and Aloke Bajpai (Co-Founder and CEO, ixigo.com)
CoffeeMug.ai, a Singapore-based AI-powered 1:1 professional networking platform, has raised USD 625,000 in a pre-seed round led by Paradigm Shift Capital and AngelList India. The funding round saw participation from marquee angel investors, including Archana Priyadarshni (General Partner, Point One Capital), IIM Indore Alumni Angel fund, Yagnesh Sanghrajka (Co-Founder and CFO, 100X.VC), and Aloke Bajpai (Co-Founder and CEO, ixigo.com). CoffeeMug plans to use this fund to accelerate its efforts to refine its AI-based matchmaking algorithm, double its existing user base of 50K globally, and connect them with genuine business opportunities like leadership-level jobs and fundraising.
Launched in 2020 by serial entrepreneurs Abhishek Sharma and Dipti Tandon, CoffeeMug has witnessed consistent growth, with 50,000 members joining the platform within a few months of its inception. Currently, the platform is adding over 15,000 members every month to its community.
The company envisions empowering global leaders by helping them form valuable connections that further unlock real business opportunities. The AI matchmaker uses algorithms to help members find cofounders, jobs, investors, and mentors. Its matchmaking algorithms rely on various factors, including member experience, objectives, interest, and feedback from previous meetings to ensure mutual relevance among members.
Commenting on the announcement, Govind Mundhra, Founding General Partner, Paradigm Shift Capital, who will be joining the board of CoffeeMug, said, “CoffeeMug will utilize these funds to cement their acquisition models to expand into the global scale and add more muscle to its AI-based matchmaking algorithm, which perfectly aligns with the Future of Work. Their unique platform-centric senior leadership only model streamlines networking and unlocks real opportunities for its members around recruiting, partnering, mentoring and investing verticals”.
Source: Business World
