Cross Border Angels closes two seed deals with Estonian, Valley-based firms
Cross Border Angels, an angel network created with the explicit purpose of facilitating angel investments across borders, has just closed two seed deals with Estonian smart devicemaker Comfee and Silicon Valley-based investor platform TrustedInsight.
CBA is the seed investing arm of San Francisco venture resource firm the Scaale Group, founded by Kaushal Chokshi, an Indian serial entrepreneur who has exited four companies, including an IPO in the 1980s.
“Angel investment has always been local, constrained within a 20-mile radius. I’m trying to change that,” Chokshi told ET, adding that CBA plans to close 12-15 deals in India within this fiscal, each in the range of $250,000 to $2 million.
Founded in 2014, CBA currently has offices in San Francisco, Mumbai, London and Barcelona, and has a network of 120 international investors, which it aims to grow to 1,000 by the end of next year. It has closed six seed deals globally so far, including in Hyderabad-based Jay Robotix and New York advertising expert network Springleap, which the network will help expand to India and the rest of Asia over the next few months.
Domestic angel groups, such as the Indian Angel Network and Mumbai Angels, have made dozens of investments in foreign geographies such as Singapore, Canada, France and Hong Kong, although they were not specifically set up for this purpose.
Source: The Economic Times