Invite-only networking platform for startups and investors, Scope has secured $90 million in a funding round led by Singapore-headquartered Apricot Capital, to bolster its asset management arm in the US.
In conjunction, the company has also obtained a licence to begin an asset management business in US.
To be sure, Scope had raised $6 million in January earlier this year from Partners Value Fund to expand to the US market. The firm raised the amount at a post-money valuation of $110 million.
The funding and licence will enable SCOPE to manage assets directly in the US and broaden its presence, according to a company statement.
The startup incubator launched a $45 million venture capital fund focused on the fintech and gaming sectors in December.
“We’re looking to mark the final close of our first venture capital fund in either August or September,” the company had told VCCircle in March.
SCOPE VC operates as an independent investment banking arm to identify, nurture, and accelerate startups with disruptive potential.
"Obtaining the asset management licence not only enhances our investment capabilities but also strengthens our commitment to supporting innovative start-ups in sectors like fintech and gaming," said Appalla Saikiran, founder and CEO of SCOPE.
Over the next few years, the platform aspires to evolve into a one-stop-shop for entrepreneurs, investors, mentors and working professionals, providing an ecosystem for growth and collaboration.
SCOPE has successfully built partnerships with more than 20,000 angel investors, 7,000 venture capitalists, 200 family offices, and has facilitated funding for over 400 startups.