Open innovation platform IncubateHub raises funding from Venture Catalysts

Open innovation platform IncubateHub raises funding from Venture Catalysts
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Early-stage incubator Venture Catalysts has made an undisclosed investment in management-as-a-service platform IncubateHub. It will use the funds to increase operational capacity and expand its global footprint.

“IncubateHub has been growing at a CAGR (compounded annual growth rate) of 66% for the past four years, with annual revenue of Rs 2 crore for FY19. The capital infusion from Venture Catalysts comes at just the right time and it will help us bolster our presence in the market,” Rajiv Mukherjee, co-founder of IncubateHub, said in a statement.

Founded by Mukherjee, Uday Vipra and Pradeep V, IncubateHub connects large companies with deep-tech startups to accelerate solution development, drive digital transformation and improve build capacity. The platform also offers open innovation management, along with workshops, white-label portals, platform-empanelled analysts and managers to drive corporate accelerator programmes. 

IncubateHub provides companies access to 11,000 startups, 900 academic institutions, along with 30,000 designers and developers. IncubateHub has served nearly 50 companies to date and has multi-year contracts with more than seven clients. 

The platform expects the open innovation and corporate venturing management market to grow to $750 million by 2023 from the current $200 million. IncubateHub plans to leverage the scope for growth by entering new geographies such as the Middle East, Southeast Asia and Europe in the next two years. 

“It brings a great opportunity for our startups to work closely with successful corporate and experienced professionals to test, pivot and validate their ideas and bring them to life in a real-world scenario,” Apoorv Sharma, president and co-founder of Venture Catalysts, said.

Founded by  Sharma, Anil Jain, Anuj Goenka and Gaurav Jain, the firm invests $2.5 lakh to $1.5 million in early-stage startups with the potential to create enduring value over a long period.

The firm, which is supported by over 5,000 investors, typically invests $0.3 to $1.5 million in early-stage startups. In August 2019, it started FamilyOffice to connect startups with family-owned businesses and corporates, facilitating funding support and post-investment processes.  

Earlier this week, Venture Catalysts invested an undisclosed amount in Noida-based clean-tech startup Skilancer Solar, which provides solar power-cleaning solutions. In 2019, it invested $70 million in Indian startups across 63 deals, including fin-tech firm Vested, technology startup Jumpstart and online content company Instoried. Its more recent investments include kidswear brand Cubs McPaws, health-tech startup Remedico and WonDRx, and sports startup Global eSports.

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