Enterprise collaboration startup CollateBox raises around $180K through LetsVenture
US- and Bangalore-based CollateBox Inc, which helps employees of enterprises collect, share and act on data, has raised around Rs 1.2 crore ($180,000) from a group of angel investors and Teninnovate (Hyderabad-based technology incubator) through equity crowd-funding platform LetsVenture.
The fund would be mainly used to take the product to the global markets.
Founded in 2012 by Ravindra Krishnappa and Ralph Vaz, CollateBox helps enterprises collaborate with their teams on multiple projects in the mobile world securely.
Krishnappa, co-founder and CEO of CollateBox, is an entrepreneur and angel investor with over 28 years of corporate, startup and technology experience and has worked with companies such as Oracle. He earlier founded Inatech InfoSolutions. Vaz, co-founder and CTO, has worked with companies such as EPiServer APAC, Ebbon Dacs, XP Software Solutions and Netgalactic. Earlier, he founded Wolf Frameworks India Pvt Ltd which is offering Platform-as-a-Service (PaaS) solutions.
CollateBox has been built for everyday tasks—from collating daily expense report to managing student data of an entire district with selective sharing and summaries.
The beta version of the product was released in mid-2014.
"We were looking at raising $150,000 but we received such an overwhelming response that we received 20 per cent more than what we were looking for. LetsVenture helped us reach out to investors beyond our known circle," said Krishnappa.
"The experience that each of the founders brought to the table was immense and will definitely push the company in the right direction. The success CollateBox has shown so far with its beta users has proved that this is the need of the hour," said M V S Mani, managing director, Future Focus Infotech Pvt Ltd and IAN member, who participated in this funding round.
(Edited by Joby Puthuparampil Johnson)