SCOPE, the invitation-only networking platform for startups, on Thursday announced that it has secured $50 million (Rs 418 crore) in funding venture capital fund under its investment banking arm, SCOPE VC, to invest in startups in the fintech and gaming sectors, with a focus on India and the United States.
SCOPE The new venture capital fund will invest in early-stage startups with checks ranging from $500,000 to $2 million per company.
“Fintech in India and gaming in the United States are showing tremendous growth, and we believe there is a significant opportunity to invest in startups that will define the future of these industries,” said Appalla Saikiran, founder and CEO of SCOPE.
In addition to providing financial support, CV SCOPE plans to adopt a Y Combinator (YC) style cohort model to provide selected startups with mentorship, corporate connections, and strategic resources. “We plan to build cohorts of startups and provide them with access to mentors, corporate partners and other resources they need to succeed,” Saikiran said.
At the same time, SCOPE VC also announced plans to launch a $20 million angel fund in the next three months. This fund will even target early-stage startups. “Our ultimate marker of success lies not only in financial results, but also in the ability to create a thriving ecosystem for startups. We want to be the go-to platform for founders, offering everything from capital to mentorship to strategic partnerships,” said Saikiran.
Founded by Saikiran, SCOPE connects entrepreneurs with like-minded individuals, mentors and investors to foster collaboration, growth and innovation. He previously raised $45 million for its first fund focused on gaming and fintech investments.
The company claims to have partnerships with more than 20,000 angel investors, 7,000 venture capital firms and 200 family offices. It also claims to have facilitated funding for more than 400 startups.
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