Breaking NewsIndian Beehive

Funding for Fibr and Portkey to be led by VC firm Accel: Report

According to sources aware of the development, venture capital firm Accel will oversee the upcoming funding rounds for two early-stage startups, Fibr and Portkey. Additionally, this will serve as both startups’ 2023 fundraising event.

“Accel is leading a $2 million round in Fibr at a post-money valuation of $10-12 million,” said one of the sources requesting anonymity. “The deal is almost in its final stage and likely to be completed in a few weeks.”

By bridging the gap between sales and marketing efforts, Fibr assists brands in increasing their conversion rates. This enables accurate attribution even on Amazon, e-commerce marketplaces, or brand websites.

The business, which was started by Ankur Goyal and Pritam Roy, has already received funding from Jetty Ventures, GrayCell Ventures, and some angel investors. The company currently concentrates on the US and Indian markets. It contends with companies like Ownit and BOLT in the US.

Companies can create, release, maintain, and iterate over their generative AI apps and features more quickly thanks to Portkey. According to the company’s website, businesses can add observability, model management, experimentation, and compliance to their products through quick integration.

According to sources, the startup is well along in its plans to raise $3–5 million in a new round led by Accel.

In March of last year, Accel revealed its seventh $650 million fund with a specific focus on startups in the early, seed, and pre-seed stages.

Rigi, FitBudd, Produze, Powerplay, Brick&Bolt, ApnaMart, and other early-stage startups have received funding from the VC firm since that time. Accel runs an accelerator program called Accel Atoms in addition to Peak XV Partners’ Surge. Since its 2021 launch, Atoms has invested in 24 companies across two cohorts and just recently made the third cohort’s application deadline public.




Related Articles

Back to top button