IDG Ventures, tech focused VC firm, is launching the 2017 Innovation Program. To facilitate the program and to promote it, IDG Ventures has collaborated with Unilever Ventures. This program provides support to the technology startups deals with the consumer tech, software, healthtech, and fintech. The programe will provides support to the newly based startups to uplift and to prove themselves by providing the platform. Raising funds from ₹3 Crore ($0.5 Mn) to ₹32 Crore ($5 Mn) and the maximum limit of the average funding size has increased from last year, and now it’s as follows, from ₹19 Crore ($3 Mn) to ₹32 Crore ($5 Mn).
Sudhir Sethi, founder and Chairman, IDG Ventures India, has mentioned that “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 startups from Fund III 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.”
In the innovation programs, there will be various organizations who are taking part in the innovation program. Public will see, Unilever Ventures as the co-investor in the potential deals and, will also evaluate the companies on the basis of their annual report and the growth percentage. There is a minimum period of less than three years to obtain funding for any startup, set up by the company.
The shortlisted startups will be meeting with the IDG Ventures’ team in Bengaluru, where they will pitch their ideas to senior team members of IDG Ventures India and Unilever Ventures and from there the selected startups will then be provided with funding. This will be analysed and judged on the basis of their idea and the level of promotion and what plans they have to allocate the resources in future. Moreover the shortlisted startups will get the benefit to participate in mentoring sessions by AISPL and Unilever Ventures’ team.