CollateBox, which has developed a cloud-based online platform to allow for a more collaborative work environment, has secured a $180K angel round from a group of angel investors and Teninnovate. The round was raised via angel-funding platform, LetsVenture.
CollateBox aims to use these freshly raised funds to work towards global expansion. The funding came via LetsVenture, an online platform for startups to raise angel and seed rounds. Last year, startups got access to over $ 6.5 million in funding on LetsVenture’s platform, spanning across 23 deals.
Founded by Ravindra Krishnappa and Ralph Vaz in 2012, CollateBox aims to eliminate the excel and spreadsheets clutter. The product helps you collaborate with your team on multiple projects in the mobile world in a secure manner. It has been built for the everyday task – from collating daily expense report to managing student data of an entire district with selective sharing and summaries.
Its founders have envisioned the product to become an “Evernote for Spreadsheets”.
Ravindra Krishnappa, Co-founder and CEO says,
We were looking at raising $150,000 but we received such an overwhelming response to the product that we received 20% more than what we were looking for. LetsVenture helped us reach out to investors beyond our known circles which worked well for us.
CollateBox is one of many upcoming Indian startups, which have centred their product around the mobile ecosystem. And that seems pretty viable, considering the surge in India’s smartphone market and an equal surge in people who use their smartphones to carry out daily tasks.