DreamWallets, an online reward based crowdfunding platform, has today announced the closure of its seed funding round, raising an undisclosed amount from a group of angel investors.
The investors, who participated in this round includes Siddharth Banerjee & Vikas Ranjan from Indusind Bank, Anshul Jindal, Sunil Koul, Sanjeev Agrawal, Rakesh Gupta and Aditya Aggarwal, among others. The funds will come in handy for the company when it doubles up its business development team, investments in technology and for creating awareness about the crowdfunding concept.
In coming months, the company is also going to launch Dreamwallets Version 2.0 with a vision of making your crowdfunding journey a real joy, with a strong community development at its nucleus. According to the company’s co-founder, they are aiming to launch more than 10,000 projects in next 2 years.
DreamWallets is a Jaipur-based startup that was founded in July 2015 by Nikhil Agrawal and Manish Harodia. It is a platform where users can browse through ideas that appeals and be a part of the process to convert the project idea into a reality.
Nikhil has previously worked with J.P Morgan and SMC Capitals in M&A and PE fund raising, while Manish has been a seasoned entrepreneur and this is his third venture.
It claims to be the only crowdfunding platform in the country that offers both – Fixed and Flexible funding options. In fixed funding, the project needs to raise 100% amount of the set target while in flexible funding, the project receives the amount raised even if the target is not achieved.
With its team of more than 15 people, the company is helping ideators in their campaigns across 16 categories like Movies, Theatre, Events, Art & Craft, Music, Literature, Photography, Travel, Tech Product/ Service, Social causes, etc.
Having thousands of users on the platform, the company typically gets around 20 projects everyday from people for some sort of funding. The startup has also been associated with more than 40 organisations in order to curate projects on its platform.
There are few established startups in the crowdfunding space such as Ketto, Milaap and Wishberry. Last year, Wishberry had raised around $650,000 in its seed round to build awareness for crowdfunding in India. A couple of weeks ago, Impact Guru raised $500,000 in a seed round.