The startup plans to use the funding to build distinguished products for companies to digitise and democratise their fundraise.
Tyke, a Mumbai-based fintech startup, has raised $1.5 million in Pre-seed funding from 9Unicorns, Better Capital, Ratio Ventures, and Venture Catalysts. Angels like Jitendra Gupta, Sweta and Amrish Rau, Varun Mittal, Sandeep Aggarwal, Navin Surya, and Ajay Rajan also participated in the round.
The startup plans to use the funding to build distinguished products for companies to digitise and democratise their fundraise.
Launched in mid 2021, Tyke has leveraged software in a credible manner to enable startups to transact and complete their fundraise digitally and instantly. They aim to disrupt the way angel investment networks, venture capital and individuals invest in business.
Karan Mehra, Co-founder and CEO of Tyke, said, “Our vision is to make private investing instant and accessible. We are glad to partner with top VCs and angels since our early days. Being a significant part of the ecosystem, they have shown their belief in Tyke and are active users of our product. We plan to use the funding to build distinguished products for companies to digitise and democratise their fundraise.”
Most fundraising structures don’t save a startup from dealing with back-and-forths over documents, constantly following up with lawyers and tracking wire transfers. Moreover, all of this is happening completely offline over various different channels. Tyke makes raising capital friction-free and straightforward/removes all friction points present in raising capital.
“The adoption of technology has increased manifolds in the post pandemic era across sectors, and at an accelerated rate in the financial services landscape. 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,
Tyke is focused on automating private equity investment deals today. 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.
“We have also introduced Community Rounds – a method for startups to accept smaller investments from their user base, which has seen significant traction. Opening up the investor pool to one’s larger network instead of seasoned investors allows a company to generate brand loyalty and increase user retention,”Mehra added.
Tyke recently launched Tyke Analytics – an analytics tool that automates investor reporting by giving them key insights on the performance of their investment. Tyke aims to widen its offerings into different asset classes dealing with fixed incomes and debt.
Source: Business World
