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Venture Capital | 29 April 2015

Online Fund Raising Portal TermSheet Secures Angel Funding

by Sanjay Nagda
Online Fund Raising Portal TermSheet Secures Angel Funding
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TermSheet.io, a product from Humble Paper Inc aimed at simplifying early stage fund raising and investing, has closed an pre seed round worth $100K from a group of angels from India, Dubai, Singapore and the US. This takes the total fund raised to $165K.

The investors who participated in this round include Anand Vijay, Nipun Dureja, Satyajit Heeralal, Keith Rodricks and Gaurav Lochan from the US, Azmul Haque from Singapore, Hari Gopala Krishna from Dubai and Nikhil Bagri from India. A group of investors from the above had also led the previous round.

Founded by Vivek Durai, Termsheet is an online platform that connects angels and founders and helping them close a seed financing round, entirely online. The portal allows angel investors to join a round, review confidential information about a company and quickly determine whether they wish to participate in the round or not.

TermSheet automatically builds a complete ready-to-sign set for transaction documents once a minimum number of investors commit.

The company charges the Founders' company a percentage of the capital they raise on TermSheet and a fixed fee for legal and compliance formalities that need to be undertaken as part of a share allotment by a private limited company. They also charge a small fee for investors to sign up.

For an additional fee, the startup prints the documents on stamp paper and ships them.

With 700 startups registered on the Termsheet platform, Termsheet has closed 2 deals and has a pipeline of 4 other deals. $1 Mn fundraise by Ather Energy and Aisle’s $100k round are the two deals closed.

The startup hopes to have a closure rate of 5 deals on a monthly basis.

Vivek has also founded startup community filterkaapimafia. He previously Headed the corporate transactional practice at Atman Law Partners and had a small stint with AZB Partners as advocate.

LetsVenture is another similar platform which facilitates deal making. Founded by Shanti Moham, LetsVenture serves as a platform to connect startups seeking seed/angel money to potential investors. Online exam preparation site TestBook and software solutions provider to the restaurants, Posist had raised funding from the portal. Also, FlipClass and Delhi based startup Bluegape had raised INR 15 Mn through LetsVeture.com.

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