Scope has launched a $50 million venture capital fund and it is aimed at early-stage startups in the fintech and gaming industries. It is under the investment banking arm SCOPE VC and reflects a broader strategy to tab into two industries which are believed to witness significant growth in India and the U.S.
Fintech in India is a flourishing sector and driven by increasing digitization as well as inclusion of finance in it. It is undoubtedly true that several fintech startups have already disrupted traditional banking and financial services. Some of the key areas are mobile payments, lending and digital banking. The decision of Scope to focus its funding on the sector highlights that fintech innovation has space of growth in India.
The gaming sector in the U.S. has seen explosive growth and largely driven by advancements in technology and evolving consumer preferences. The move of Scope to invest in U.S. gaming ventures is a smart bet. The sector is to witness rapid expansion and has potential for even greater growth in the coming years.
Moreover, the adoption of a Y Combinator-like cohort model may turn up the real game-changer. Startups in the cohort will gain access to mentors, corporate connections and strategic resources. It offers a support system to grow beyond just capital.
Scope also has a plan to roll out a $20 million angel fund within the next few months. The fund is inspired by Village Global and learned to pool resources from high-profile investors to back startups across sectors. The combination of both funds positions Scope as more than just an investor.
