The Welsh – Canadian billionaire and technology entrepreneur, Terry Matthews, who is the founder of the VC firm, Wesley Clover International Corporation, has launched an investment corpus of US $10 million, exclusively to fund Indian startups. Terry has also collaborated with the Pune – based tech incubators, Ideas and Impacts Innovations Pvt. Ltd. to provide Indian startups incubation along with funding. Read more on Investments
The fund will be used to provide seed funding for the idea-stage and accelerator-stage startups in the business-to-business (B2B) and software as a service (SaaS) domains in India. Each startup will be entitled to a maximum seed fund size of US $750,000. The VC firm, Wesley Clover International Corporation, plans to support and mentor over thirty Indian startups over the next five years. According to sources in the company, Wesley Clover International Corporation will operate from a 32,000 sq. ft. space in Pune.
“By expanding our Alacrity Global startup ecosystem to India, we are enabling Indian entrepreneurs and partners to create investable, global enterprises, while enabling our existing Alacrity startups to actively engage with the burgeoning Indian market”, Matthews said in a statement.
The Alacrity Global ecosystem is an initiative of Wesley Clover to bring investors, academic institutions, entrepreneurs and governments together to create technology startup funds around the globe. The VC firm currently operates in Canada, the UK, France and Turkey. It plans to launch operations in Mexico, China, Indonesia, Austria and Singapore by the end of 2018.
Wesley Clover International Corporation was founded in 1972 and has so far funded over 100 startups. It funds startups based on Cloud Computing, SaaS, fixed and mobile communications, video collaboration and customer engagement and analytics. Ideas was founded by IIT-Bombay alumni, Gireendra Kasmalkar, who prior to that founded Verisoft, SQS USA, SQS India Infosystems Pvt. Ltd and SQS India BFSI Ltd.
India is a land of youthful talent. There are many talented and hardworking youth in India who have started a business of their own and whose startups provide essential products or services to the society. Technology has boomed in India over the past decade and is expected to grow a lot more as there is a lot of scope for growth in technology in India. It is heartening to see a foreign national like Terry Matthews set aside an investment corpus to fund the technology startups in India. The Government of India should take cue and better fund and incubate the startups in India so that they can grow into MNCs. Read more on Startup News