Startup Networking Platform Scope Raises Additional $5 Mn In Ongoing $90 Mn Round
Earlier this year, SCOPE raised approximately USD 6 million from the Partners Value Fund to expand into the U.S. market
SCOPE, an invite-only platform for startups, raises additional USD 5 million, in continuation of its recent USD 90 million funding round.
This new capital injection comes in conjunction with SCOPE's acquisition of an Asset Management License in the United States, marking a significant expansion of the company's investment capabilities and reinforcing its commitment to fostering innovation in high-growth sectors.
SCOPE secured the Asset Management License under the California Adviser Act of 1940, Section 275, which enables the firm to offer comprehensive asset management services. This strategic move allows SCOPE to manage assets directly and significantly broaden its influence in the U.S. market.
Appalla Saikiran, Founder & CEO of SCOPE stated, "Our decision to pursue this license and raise additional funds reflects our unwavering commitment to expanding our service offerings and managing client assets effectively. This aligns with our vision of becoming a global leader in asset management, leveraging our venture capital expertise to provide value-added investment solutions."
The newly raised $5 million will be instrumental in driving SCOPE’s investment strategies, enabling the firm to support a broader array of innovative startups. This funding is a critical component of SCOPE's mission to target high-growth sectors such as fintech, gaming, and other rapidly evolving industries. By focusing on these dynamic sectors, SCOPE aims to identify and invest in promising startups with the potential to disrupt traditional markets and generate substantial returns.
The acquisition of the Asset Management License significantly enhances SCOPE’s business model and operational framework. This development allows SCOPE to diversify its revenue streams, offer more tailored investment solutions, and deepen its engagement with portfolio companies. The new capabilities will enable SCOPE to provide comprehensive support, from initial funding stages to growth and scaling.
"With this license and additional funding, SCOPE is poised to position itself as a key player in the U.S. asset management landscape," said Saikiran. "We will leverage our deep industry knowledge, extensive network, and innovative approach to attract and manage investments in high-potential startups. Our goal is to build long-term relationships with our clients by offering personalized and strategic investment advice that aligns with their financial goals."
Earlier this year, SCOPE raised approximately $6 million from the Partners Value Fund to expand into the U.S. market and tap further into the startup ecosystem.
Additionally, in December of last year, SCOPE launched a $45 million venture capital fund focused on the fintech and gaming sectors. SCOPE VC operates as an independent investment banking arm under the SCOPE ambit, dedicated to identifying, nurturing, and accelerating groundbreaking startups that demonstrate exceptional promise and disruptive potential.
