Grip Invest an investment- tech business, has raised $1 million in its first round of funding.
- ByStartupStory | January 11, 2022
According to the startup,about half of Grip’s top 200 users took part in the exclusive fundraising opportunity. Grip invest managed the fundraise, which was done through AngelList.
Grip Invest claimed it gave convertible notes to its users-turned-shareholders in exchange for the funds, which they will be able to convert into equity at a 20% discount when the business next raises an institutional round. “Our current VC investors sacrificed their right to invest in the latest round so that we could provide this solely to our users,” the company informed YourStory.
According to the business, the average amount consumers invested in the campaign was Rs 9 lakh. These were primarily users who had invested Rs 10 lakh or more in Grip Invest agreements. It took roughly a month for the startup to secure pledges and another month for the monies to be transferred to them.
The new funding, along with funds raised in previous rounds, will be used to expand Grip’s product portfolio — the fintech firm is currently working on developing a new asset-backed, non-market linked investment category — improve its digital experience, and strengthen its team, according to the company.
Grip invest: an investment platform that allows investors to pool their money and buy physical assets and then leases them to rental- model companies was discovered in 2020
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