India-based crowdfunding platform Wishberry.in has reportedly collected $1.4m in its Series A round.
Participation to the round came from 3one4 Capital and digital cinema company Scrabble Entertainment director Sunil Patil, according to a report by Tech Circle.
Mumbai-based Wishberry is a crowdfunding platform for the creative arts, with campaigns available for film, music, theatre, comics, arts, publishing, games and design. The platform lets consumers to post projects for funding, offering exclusive rewards for backers.
To date, the company has helped over 400 projects raised more than a total of $11m and has an investor community of 7,750 backers.
The capital injection will be used to launch a crowdfunded film studio for low-budget cinemas, the article said.
Earlier in the month, sports-based crowdfunding platform Pledge It raised $1.5m in its latest round of funding. 1885 Capital led the investment, which will help the company to expand its team in Pennsylvania.
India’s FinTech space has seen a lot of activity in the recent weeks. SRI Capital recently launched its maiden fund focused on technology opportunities in India and the US. The vehicle has a capital pool of $100m and will support tech startups with investments between $1m and $3m.
Last year, the country’s funding platforms sector was one of its smallest, and only received less than a per cent of the total capital deployed, according to data by FinTch Global. However, this small representation is largely due to the country’s colossal payments and remittance space, which raised over $6bn, and accounted for 85 per cent of investment.
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