Tyke, a Mumbai-based fintech start-up, has raised $1.5 million in pre-seed funding from entities like 9Unicorns, Better Capital, Ratio Ventures, and Venture Catalysts. The start-up plans to use the funding to build products for companies to digitise and democratise their fund-raising activity.
The funding round also saw participation from well-known angel investors like Jitendra Gupta, Sweta and Amrish Rau, Varun Mittal, Sandeep Aggarwal, Navin Surya, and Ajay Rajan, among others.
Launched earlier this year, Tyke has leveraged software to enable start-ups to transact and complete their fundraise digitally and instantly. The company aims to disrupt the way angel investment networks, venture capital and individuals invest in businesses.
Aiming to automate the funding process, its service enables founders to create a round, set terms and invite investors to participate. It then helps handle the requisite documents, signatures and powers the fund transfer instantly using its proprietary software.
The start-up recently launched Tyke Analytics, an analytics tool that automates investor reporting by giving them key insights on the performance of their investment. It aims to widen its offerings into different asset classes dealing with fixed incomes and debt.
"Our vision is to make private investing instant and accessible," said Karan Mehra, co-founder and CEO of Tyke.
"We are glad to partner with top VCs and angels since our early days. Being a significant part of the ecosystem, they have shown their belief in Tyke and are active users of our product. We plan to use the funding to build distinguished products for companies to digitise and democratise their fundraise," he added.
"We have also introduced Community Rounds -- a method for start-ups to accept smaller investments from their user base, which has seen significant traction. Opening up the investor pool to one's larger network instead of seasoned investors allows a company to generate brand loyalty and increase user retention," said Mehra.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today