ProfitBoard Ventures, an investment arm of tax and legal firm Taxmantra Global (TMG), has launched a US$100 million fund to back tech startups based in Southeast Asia and India.
Headquartered in Singapore, the newly-created fund will assist early- and growth-stage startups specifically in getting fundraising from its network of investors.
“Inadequate capital is the number one roadblock on the path to scale from the idea stage. This is where ProfitBoard Ventures will offer quality capital and much required hand-holding to early and growth-stage founders. Our medium-term 3-year goal is to nurture 100-plus startups from India and Southeast Asia,” Managing partner Alok Patnia said.
In order to be considered for funding, startups can directly approach ProfitBoard and share their business models/plans. The proposal will then be reviewed by its advisory board after which selected startups can pitch their businesses to the ProfitBoard Consortium of global investors in a Virtual Hot Pitch.
Investors can also join the consortium by signing up via TMG’s website.
According to ProfitBoard, the shift towards digitisation and remote working, will highly benefit startups in the deep-tech, edutech, health-tech and AI/ML sectors.
With a presence in India, Singapore and the US, TMG is primarily engaged in helping companies in setting up their business and assisting with cross-border tax and legal compliance with fundraising.
It claims to have assisted in more than 100 deals in the last three years, which has translated to a total of US$180 million in funding for its existing portfolio of startups.
Its portfolio include food delivery platform Swiggy, AI-powered chatbot niki.ai, full-stack OKR platform Fitbots.
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