SCOPE, the invite-only networking platform for startups, Thursday said it has set up a $50 million (Rs 418 crore) venture capital fund under its investment banking arm, SCOPE VC, to invest in startups in the fintech and gaming sectors, with a focus on India and the US.
SCOPE VC's new fund will make investments in early-stage startups with cheque sizes ranging from $500,000 to $2 million per company.
“Fintech in India and gaming in the US are showing tremendous growth, and we believe there is a significant opportunity to invest in startups that will define the future of these industries,” said Appalla Saikiran, founder and chief executive officer of SCOPE.
In addition to providing financial support, SCOPE VC plans to adopt a Y Combinator (YC) style cohort model to provide selected startups mentorship, corporate connections, and strategic resources. “We plan to build cohorts of startups and provide them with access to mentors, corporate partners, and other resources they need to succeed,” Saikiran said.
Meanwhile, SCOPE VC also said that it plans to launch a $20 million angel fund within the next three months. This fund will target even earlier-stage startups. “Our ultimate success marker is not just financial returns but the ability to create a thriving ecosystem for startups. We want to be the go-to platform for founders, offering everything from capital and mentorship to strategic partnerships,” said Saikiran.
Founded by Saikiran, SCOPE connects entrepreneurs with like-minded individuals, mentors, and investors to foster collaboration, growth, and innovation. It previously raised $45 million for its maiden fund focusing on investments in gaming and fintech.
The company claims to have partnerships with more than 20,000 angel investors, 7,000 venture capital firms, and 200 family offices. It also claims to have facilitated funding for more than 400 startups.
