Technology-focused venture capital firm IDG Ventures has launched the 2017 Innovation Program to support the early stage start-ups.
The VC firm has entered into a strategic partnership with Unilever Ventures and Amazon Internet Services Pvt. Ltd. to reach out to emerging disruptive startups across its core sectors of consumer tech, software, health-tech and fintech products space. The program will fund startups from Seed stage to Series A, between $0.5 Mn to $5 Mn.
Commenting on the launch of startup innovation program Sudhir Sethi, Founder Chairman, IDG Ventures India, said “After the very successful 2016 Innovation Program, the 2017 edition expects to reach out to over 1,000 companies in the next 2 months and partner with invest in select start-ups from Fund 3 to grow with IDG Ventures India’s unique growth platform. IDG Ventures will view early-stage Seed and Series A startups in this Program who are uniquely disruptive and are innovative leaders in the market”.
The startups should be preferably less than 3 years of age to participate in the innovation program. The shortlisted startups will then meet the IDG Ventures’ team in Bengaluru, where they will pitch their ideas. Unilever Ventures along IDG Venture India will evaluate the selected companies for potential co-investments.
On another hand, shortlisted companies will receive technology mentorship from the AISPL team besides the value-added benefits like AWS credits, premium business support and GTM connects.
Last year, the innovation program was focused on consumer-tech and software. The 2016 program saw close to 1,000 applications from startups and via this program, IDGVI invested in six companies – Little Black Book, Flyrobe, Active.ai, Pipecandy, Hansel.io and Infisecure.
Applications for the IDG Ventures Innovation Program are open from June 8, 2017- June 26, 2017. Interested startups looking to raise funding can apply here.