IDG Ventures India Participates in US$2 Million Round in Unbxd and US$4.4 Million Round in Theramyt Novobiologics (Asia)
Source: Theramyt Novobiologics, Unbxd, VCCircle
Venture capital firms IDG Ventures India and Inventus Capital Partners have participated in a US$2 million Series A funding round in India-based Unbxd, a recommendation platform for e-commerce companies. Unbxd intends to use the capital infusion to strengthen the company’s presence in India, Singapore and North America, in addition to ramping up research and development efforts. In April 2012 the company received financing from the Indian Angel Network. In a separate deal, IDG Ventures joined venture capital firms Aarin Capital Partners, Accel Partners and Karnataka state government-backed Karnataka Information Technology Venture Capital Fund in an INR270 million (approximately US$4.4 million) funding round in India-based biopharmaceutical enterprise Theramyt Novobiologics. The company intends to use the financing to expand to international markets.