Silicon Valley VC invests in Bangalore's AngelPrime incubator
AngelPrime, an incubator based in Bangalore India, has just received a major investment from a well know Silicon Valley fund. The Mayfield Fund said it would take a majority investment in AngelPrime. The amount of the investment was not disclosed but Reuters reports that the overall fund run by AngelPrime would total less than $10 million. Mayfield already had a team focusing on Indian comprised of Navin Chaddha, Robin Vasan, and James Beck. Three of AngelPrime's founding partners (Bala Parthasarathy, Shripati Acharya and Sanjay Swamy) were founders of Snapfish, a former Mayfield portfolio company, so both parties know each other well.
AngelPrime provides seed capital in the $200,000-$600,000 range to about three companies a year and aims to nurture them for about 12-18 months.
The partners will act as co-founders in the companies they support, Chaddha said, and will take larger stakes than most incubators, though he did not say how large (incubators oftent take 6 percent to 10 percent stakes).
for other Accelerator Gazette coverage on AngelPrime, see: http://acceleratorgazette.com/content/pramod-varma-joins-angelprime
for more news about this investment, see: http://www.reuters.com/article/2012/10/24/venture-india-incubator-idUSL1...