New York-based mobile tech and data science firm InVenture has raised $10 million in Series A round of funding led by Data Collective, a venture capital fund that invests in entrepreneurs building Big Data companies, according to a press release.
India and US-based early stage investment firm India Internet Fund (IIF), Chris Sacca’s Lowercase Capital; Facebook co-founder and independent investor Chris Hughes; Palantir and PayPal co-founder Nathan Gettings; former Citigroup CEO Vikram Pandit; former Thomson Reuters CEO Tom Glocer; Collaborative Fund and Female Founders Fund also participated in the round.
The company will use the funding to expand into Sub-Saharan African and Asian markets.
"InVenture, with its emphasis on technology and data science, is on the cutting edge of figuring out mechanisms to ensure access to credit and finance globally. We are excited to support Shivani in this journey to transform the financial services space in the developing world," said Anirudh Suri, founding partner, India Internet Fund.
Founded in 2012 by Shivani Siroya, InVenture provides instant micro-loans service straight to a user's mobile wallet. The startup has a mobile app that can be downloaded by users who can then request a loan. It has offices in New York, Santa Monica and Nairobi.
Data Collective, a venture capital fund, has made around 137 investments in 107 companies till now.
Indian Internet Fund, earlier known as India Internet Group, provides seed capital to companies operating in the internet and mobile technology space.
Recently, it invested in Mumbai-based Ketto Online Ventures Pvt Ltd, which operates an online crowdfunding platform, along with other investors.
Its other investments include US-incorporated and Hyderabad-based AppVirality Inc that allows apps to go viral on social media, Bangalore-based Frrole, a Big Data startup and others.