Venture capital funding in the startup space has been showing signs of drastic slowdown when compared to last year’s funding frenzy. A recent report by KPMG and CB Insights however, says that while the funding in absolute terms may have decreased, the quality of these deals are much better than before. And better quality deals equal stable startups, the report concludes.
Take a look at what’s happening this week on Startup Street.
Recently, Bollywood actor Boman Irani turned an angel investor for sports engagement platform Rooter. Irani was one of the investors in a fresh round of funding raised by the startup.
This is the first time that the Three Idiots star has made an investment in a startup.
The 6-8 month old sports startup focuses on sports interaction using pre-match quizzes and chat forums, live match predictions and post-match analysis, according to information on the company’s website. As of now, Rooter covers sports such as football, cricket, F1 racing and basketball.
The latest round of funding — an amount that the founders did not wish to disclose — will be used to strengthen their technological team. The startup is also keen on associations with teams, leagues and fan clubs and will use parts of the fund to advance their collaborations, founder Piyush Kumar said in a emailed response to BloombergQuint.
Additionally, Kumar is looking to establish an offline tie up with restaurants and pubs which will allow fans to meet each other and enjoy live sports.
Read the full story on BloombergQuint.
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)