Networking and fundraising platform Scope has lately announced to launch a new $15 million angel fund for the startups. It earlier launched $45 million venture capital fund that started in December 2023. Founder and CEO Appalla Saikiran revealed in his recent interview. The fund is said to start by October this year.
It is learned that the new fund will be modeled on the Village Global concept, which is an early-stage venture firm known for its network of 400 top founders such as Jeff Bezos and Bill Gates.
The fresh angel fund will be invested in startups from various sectors. It will basically function like syndicate funds. Group of investors will pool their money to invest in different deals. Saikiran said that the plan is to involve about 35 high-net-worth individuals (HNIs) and they will act as founders-cum-angel investors.
Village Global is based in California and it supports startups by introducing them to new customers. They help the new companies to find co-founders and simultaneously offer them expert advice. They assist the young entrepreneurs with hiring and also connect them with other founders. All these are facilitated apart from the capital.
Scope too helps startups and looks for seed or pre-series A funding. It currently has a network of more than 20,000 angel investors, 5,000 VCs and 400 family offices. It was established in 2021 and since then has facilitated funding to at least 400 startups. The platform shares funding opportunities with various investors. The popular investors include Sequoia, Andreessen Horowitz, Lightspeed and NEA.
It is learned that the new angel fund will attract investors from the existing pool of Scope. It will not only focus on fintech and gaming startups. More sectors will be covered.
