Dwindling venture capital inflows into startups in the first week of July
- ByStartupStory | July 2, 2022
There has been a noticeable slowdown in funding for major projects in recent weeks. This week, no startup was able to secure significant funding, though a few did receive moderate investment. The total funding for the first week of July amounted to just $278 million. In comparison, the venture capital funding in the preceding week was $800 million.
The week did not see any deals which crossed $100 million in funding. The major deals during the period, 18 in total, were in the early-stage category. This period of downturn comes after there was a rise in venture funding in the month of June.
The key investment this past week involves Arzooo, a consumer electronics startup, was the largest recipient of funding this week, raising $70 million from Japan’s SBI Holdings. Another notable funding round this week involves Propshare. PropShare, a proptech startup that helps investors buy commercial real estate, raised $47 million in its funding round.
Progcap, a lending platform providing collateral-free capital to SMSEs in India, raised $40 million in an extended Series C round from Creation Investments, Tiger Global and Sequoia Capital. Google joined the round as its investor, valuing the startup at $600 million. Solv, a digital marketplace for MSMEs which helps them trade in fast-moving consumer goods, also managed to raise $40 million from SBI Holdings and SC Ventures.
Other deals include GetVantage, a revenue-based finance platform, getting $36 million from Varanium and others, and Battery Smart, an EV startup, raising $25 million from Tiger Global and becoming the third Indian EV startup to raise funding from Tiger after Ather Energy and Ola Electric. A B2C credit management platform Cheq raised $10 million in seed funding and is set to start functioning in the subsequent months.
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