We Founder Circle’s (WFC) GIFT City Fund, known as WFC Global Angels Fund, has successfully raised $10 Mn, marking a significant milestone for the angel investment networking platform. The fund has also attracted participation from over 250 investors, underscoring its growing appeal among the investor community.
The GIFT City Fund, based in Gujarat’s GIFT (Gujarat International Finance Tec-City), is one of two funds initiated by the Mumbai-based angel network last year to support early-stage startups in India. The fund, which has a target corpus of $30 Mn and a green shoe option of $30 Mn, is making strides in its mission to back promising ventures.
WFC Global Angels Fund, a sector-agnostic cross-border fund, has already invested in seven startups, including Nintee, Zivy, Pixxel, Trading Leagues, Piersight, and Aistra Labs. With an average check size ranging from $50,000 to $1.5 Mn, the fund aims to finalize up to 10 deals by the end of the current fiscal year.
The GIFT City fund employs innovative financial structures and compliance strategies to facilitate swift and seamless cross-border investments, according to a statement by WFC. The angel network is focused on completing the onboarding of at least 300+ investors with a signed contribution of $15 Million or more by March 2024.
WFC, founded in 2020 by Gaurav VK Singhvi, Bhawna Bhatnagar, Deo Saurabh, and Neeraj Tyagi, has built a robust investor base, boasting over 9,000 participants and making over 100 investments since its inception. Notable companies in its portfolio include Stylework, Vidyakul, Settle, Blusmart Mobility, and Microfinance.ai.
The strategic decision to remain sector-agnostic in supporting early-stage startups reflects WFC’s commitment to diversification and a willingness to explore opportunities across various industries. This approach aligns with the objective of spreading risk and capturing potential high-growth opportunities.
The recent developments follow Prime Minister Narendra Modi’s announcement emphasizing the role of new forms of capital and digital technology in the development of GIFT City. As venture capital, private equity, and angel networking platforms continue to float funds supporting early-stage startups, such initiatives also pave the way for international investors seeking opportunities in the Indian market.
