VC Fund Investments
Automovill raises $500-K bridge round from Mumbai Angels, Northeast Venture
Bengaluru-headquartered mobility start-up Automovill has raised USD 500,000 in a bridge round from Mumbai Angels Network, along with its existing investor Northeast Venture Fund (NEDFi). The round is led by Jay Nagrecha and Sandeep Daga participating through Mumbai Angels Network and takes the total fundraise by the start-up to USD 1.2 million. While a majority of the fresh capital will be utilized in bolstering technology adoption, expanding its footprint in multiple cities and mid-level hiring, Automovill will also be using it in ramping up the infrastructure of its existing partner and hub networks.
From the Venture Intelligence PE-VC Deal Database: In Jun-18, Automovill had raised INR 1.6 Cr from Northeast Venture Fund. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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