Startups in Kerala with innovative products and services can look forward to getting good funding as several angel investors have come forward assuring a total investment of Rs 18.4 crore to support the startups in the state.
At “Seeding Kerala” conclave organised by Kerala Startup Mission (KSUM) here on Monday, investors have assured a total investment of Rs 18.4 crore to support the startups. As per an official release, the investors who have assured funding included Kozhikode-based Sparks Angel Network (Rs eight crore), Kerala Angel Network (Rs five crore) and Phoenix Angels (Rs 3.5 crore). Apart from these major angel investors, a pool of startup founders has committed an investment of Rs 1.45 crore while GSF Accelerator revealed it would invest Rs 40 lakh in 2018-founded Humblx, a real estate startup based in Kochi.
The assurance of a fresh round of investment has come at a time when the state’s collective valuation of startups that raised funding stands close to Rs 2,000 crore. A release quoted Kerala Electronics & IT secretary Rathan U Kelkar as saying “the government has been working with special emphasis on universities along with industries to usher in a new spirit in the state’s culture of investing in startups.”
“For the growth of industry, we need investment, infrastructure and intelligence. While we have the last two factors sufficiently, the startup ecosystem in our state requires a decent inflow of funds. Unlocking potential investments can boost our startup ecosystem,” said KSUM CEO Anoop Ambika.