Bangalore-based startup Fourth Ambit has raised $600,000 (Rs 4 crore) from crowdfunding platform 1Crowd and its investor community, a company statement said.
The company will use the funds to expand its college footprint, the press note explained.
“We take pride in the fact that more than 95% of our customers have renewed their contracts with us over the last three years,” Rahul Das, co-founder of Fourth Ambit said in the statement.
Fourth Ambit Technologies Pvt. Ltd. was founded in 2011 by alumni of Government Engineering College, Kerala, Das, Jikku Jolly, Shyam Menon, and Ruby Peethambaran.
The Bangalore-based company runs a specialist online platform for colleges to help them build their student/alumni communities. The company has on-boarded more than 1,100 college communities including marquee brands like IIM Bangalore, NIT Trichy, NMIMS Mumbai, Manipal University, and others.
Run by Zeva Capsol Pvt Ltd, crowdfunding platform 1Crowd was founded in September 2015 by four former banking executives – Anil Gudibande, Anup Kuruvilla, Amit Ratanpal, and Natasha Kothari. It has around 400 investor members and is engaged with five startups through its incubation and acceleration programmes.
1Crowd's first investment was in advertising technology startup Proximit Media India Pvt Ltd. in March last year, where it invested $150,000 (Rs 1 crore). Mumbai-based online tutoring platform Genext Students Pvt. Ltd had also raised $200,000 (Rs 1.4 crore) from 1Crowd in August 2016.
In the same month, Mumbai-based Zipgrid, a platform providing technology-led services to housing and commercial communities, had secured around $200,000 (over Rs 1.3 crore) from the platform.
Earlier this month, 1Crowd had invested $300,000 in NanoSniff Technologies Pvt. Ltd, an IIT Bombay-incubated company which uses micro-electro-mechanical systems (MEMS), the technology for miniaturised devices, to develop applications for the detection of industrial hazards, security and surveillance systems and medical devices.