Startup Street: Boman Irani Turns Angel Investor For Sports Startup Rooter
Venture capital funding in the startup space has been showing signs of drastic slowdown when compared to last year’s funding frenzy. A recent report by KPMG and CB Insights however, says that while the funding in absolute terms may have decreased, the quality of these deals are much better than before. And better quality deals equal stable startups, the report concludes.
Take a look at what’s happening this week on Startup Street.
Boman Irani Turns Investor For Rooter
Recently, Bollywood actor Boman Irani turned an angel investor for sports engagement platform Rooter. Irani was one of the investors in a fresh round of funding raised by the startup.
This is the first time that the Three Idiots star has made an investment in a startup.
The 6-8 month old sports startup focuses on sports interaction using pre-match quizzes and chart forums, live match predictions and post-match analysis, according to information on the company’s website. As of now, Rooter covers sports such as football, cricket, F1 racing and basketball.
The latest round of funding – an amount that the founders did not wish to disclose – will be used to strengthen their technological team. The startup is also keen on associations with teams, leagues and fan clubs and will use parts of the fund to advance their collaborations, founder Piyush Kumar said in a emailed response to BloombergQuint.
Additionally, Kumar is looking to establish an offline tie up with restaurants and pubs which will allow fans to meet each other and enjoy live sports.
The subscription for Rooter is currently free. Users can join through their social network. But we will soon be introducing a revenue model where brands/ F&B outlets can advertise and use our platform for lead generation. And we will also introduce a very basic monthly subscription fees for users that will allow them to win a lot of prizes, brand gifts and discount vouchers for tickets and F&B outlets around. It will however be a Freemium model where few fans can continue to play for free as well.Piyush Kumar, Founder and CEO of Rooter
Parenting Startup Gets $2 Million Funding
Children wellness startup Good Parents Inc. raised seed funding worth $2 million led by senior partners at venture capital firm Jungle Ventures, according to a TechCircle report.
Other investors include Fireside Ventures, Bio Sensors International and Gaja Ventures.
The startup's product Kiddo, is the first internet of things-based wearable device for 3-10 year old children. The device tracks the child's health and provides real time data on their stress levels, well being and development, according to information on the company’s website. The device will be launched in early 2017.
We’re building a tool that will make it easy for parents to understand their children’s health and ensure they never miss important issues. We’re working hard to create that ecosystem and this capital helps get us there fasterJaganath Swamy, Co-founder, Good Parents to TechCicrcle
A emailed query to the startup from BloombergQuint remained unanswered.
Online Furniture Startup Raises Rs 200 Crore Funding
Online furniture rental startup Furlenco raised Rs 200 crore through equity and debt, according to a PTI report.
The Rs 100 crore of equity funding was led by Lighbox along with Axis Capital, a group of high networth individuals and a Hong Kong-based venture capital firm.
The funds raised will be used for expansion to newer categories, product ranges and more cities in the next one year.Company Statement
The startup allows its customers to design their own room which is then delivered and set up by the company, chargable on a monthly basis.
Former Flipkart Management Invests in Innov8
Co-working – or sharing a single work space – is quite the rage in the startup space. With easy access to working spaces, shared costs and a fun environment, what’s not to love? Flipkart’s former chief product officer, Puneet Soni, seems to agree.
In an interview with TechCircle, co-working startup Innov8’s founder Ritesh Malik revealed that the company has received an undisclosed amount of funding from Soni. Innov8 happens to be one of the three Indian companies selected by Sillicon Valley incubator, Y Combinator, for its batch of summer 2016.
The startup raised funds from 20 other investors besides Soni and will release a formal announcement in the coming week, Malik said.
BRICS To Establish an ‘Angel Investor Network’?
The business leaders of the BRICS network have called for the establishment of a angel investor network which can help talented entrepreneurs pop up across the five nations, according to PTI.
We have recommended creation of a BRICS angels network which can help talented young entrepreneurs across the BRICS countries to create an ecosystem of startupsOnkar S Kanwar, chairman of the BRICS business council
The network is one of the key recommendations of the council between Brazil, Russia, India China and South Africa, among other spoken about at the 8th BRICS Summit.