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Angel Funding Platform Launched to Boost Vokkaliga Entrepreneurs
In a first-of-its-kind initiative in India, a dedicated angel funding platform, FC Angels, has been launched to support entrepreneurs from the Vokkaliga community.
BENGALURU: In a first-of-its-kind initiative in India, a dedicated angel funding platform, FC Angels, has been launched to support entrepreneurs from the Vokkaliga community. Spearheaded by First Circle-Udyami Vokkaliga, the initiative aims to provide financial backing to promising business ventures and accelerate their growth.
Venture capitalist Prashanth Prakash, a founding partner at Accel Partners, highlighted the significance of early-stage funding in reducing the time it takes for startups to scale. "While mentorship and support systems exist for entrepreneurs, the primary challenge is securing initial capital. Many promising startups take over a decade to expand significantly. With the right funding, this timeline can be shortened to just two to five years," he said.
Prakash announced a personal contribution of ₹1 crore to the initiative and urged high-net-worth individuals within the Vokkaliga community to contribute. The platform plans to provide funding ranging from ₹10 lakh to ₹50 lakh to emerging businesses, particularly those from rural areas. "We envision building a strong ecosystem where disruptive entrepreneurs receive the support they need. By next year’s expo, we aim to have funded at least 10 to 15 high-potential startups," he added.
KEONICS chairman and Hoskote MLA Sharat Bacche Gowda underscored the initiative’s potential, stating that with financial backing from well-established community members, a seed fund of ₹50 crore could be created to invest in Vokkaliga-led startups. "This is a crucial step in bringing all Vokkaliga startups under one platform and ensuring they receive the funding necessary to scale their ventures," he said.
The launch event also saw the unveiling of the FC Angels logo during the recent FC-Udyami Vokkaliga gathering. Senior IRS officer and FC Chief Mentor Jayaram Raipura, along with FC State unit president Nandeesh Rajegowda, welcomed the initiative, calling it a "path-breaking" step in empowering entrepreneurs from the community.
The initiative is expected to provide a significant boost to Vokkaliga-led businesses, fostering innovation and economic growth within the community.
