Blackburn Technologies Pvt. Ltd, which operates online dermatology solutions provider Remedico, has raised $500,000 (approximately Rs 3.55 crore at current exchange rates) in a seed funding round from a clutch of investors including Venture Catalysts, a Mumbai-based startup incubation platform.
Other investors that participated in the round include the US-based Parkview Investment Advisors, Vida Ventures and angel investors such as Hotstar product vice-president Anshumani Ruddra and Rohini Pandhi of mobile payments company Square.
Ranjit Bhatia, founder at Remedico, said in a statement that the investment was proof of the startup’s core proposition. “From app-based consultation to developing a robust product ecosystem, we have an exciting vision with Remedico,” he said.
Remedico is a part of Venture Catalysts’ dedicated healthcare accelerator, Healthcare Catalysts.
Separately, Apoorv Ranjan Sharma, president and co-founder at Venture Catalysts, said the firm was confident in its investment because of Remedico’s product service offering and its technology-driven infrastructure.
“Remedico also has all the necessary requirements for growing massively,” he said.
The Bengaluru-based company, which began operations in 2017, provides an end-to-end mobile healthcare service. It is currently focussed on dermatology, with doctors treating conditions such as acne, hair fall and pigmentation. Remedico says it offers a holistic experience that addresses the root cause of skin issues.
Venture Catalysts
The firm was set up in December 2015 by Apoorv Ranjan Sharma, Anuj Golecha, Anil Jain and Gaurav Jain. It usually invests between $250,000 and $1 million in early-stage startups.
In August, it floated a fund, the 9Unicorns Fund, with a corpus of Rs 300 crore ($43.44 million) to help early-stage Indian startups expand their business. The fund will typically invest Rs 60 lakh for a 5% stake in a startup, and may put in additional Rs 3-5 crore in subsequent funding rounds depending on a company’s ability to meet its growth objectives.
In July, it invested Rs 4 crore (around $580,260) in Pariksha, a startup which helps aspirants prepare for government exams in their regional languages. It also placed an undisclosed sum in Vested, an investment platform enabling Indian investors to invest in the US stock market.
In April, snacks and sweets brand Haldiram’s invested an undisclosed sum in Venture Catalysts to facilitate more investments in the packaged foods segment.