Impact Guru, a Harvard Innovation Lab incubated fintech company, announced a seed round of $500,000 (about Rs 3.3 crore) from RB Investments, a Singapore-based venture capital firm, and Fundnel.
The capital raised will enable the firm to scale online crowd-funding for nonprofits, social enterprises and personal causes. Moreover, Impact Guru and Fundnel, a Southeast Asia-based private investment platform, have also entered into a strategic partnership.
It will also leverage Fundnel's private investment network for facilitating equity or debt funding (offline) for startups and social enterprises in the country and Southeast Asia, the portal added.
Piyush Jain, Co-Founder and CEO of Impact Guru said: "The traditional charity and social enterprise fundraising model in India is broken. The alternatives to online fundraising are outdated, expensive, and ineffective. We firmly believe that a full stack crowdfunding solution that combines social, rewards, and investment crowdfunding will make Impact Guru a platform of choice for individuals, nonprofits, social enterprises, or startups for all their fundraising needs - be it small or large. RB Investments has a proven track record of helping its portfolio companies scale their businesses in India and Southeast Asia and has already backed several high profile startups. We are certain that RB Investments’ expertise and networks will help us accelerate our growth.”
Fundnel will select and invite startups and social enterprises that have successfully leveraged Impact Guru's crowd-funding platform in the country to demonstrate traction to Fundnel's network of family offices, venture capital funds, and accredited investors for international investment and for further scaling within Southeast Asia.
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