Japanese seed investment firm Incubate Fund has invested an undisclosed amount in online procurement portal for office supplies Kobster while insurance broking startup McXtra has raised $1.3 million in a pre-Series A round of funding. In other funding news, Headout has raised $10 million from Nexus Venture Partners and Version One Ventures while Wishberry has raised $1.4 million in a Series A round of funding.
Incubate Fund invests in Kobster
Japanese seed investment firm Incubate Fund has invested an undisclosed amount in Chennai-based online procurement portal for office supplies Kobster, as part of the latter’s pre-series A round of funding, according to Incubate Fund’s website. In India, over 90 per cent of office supply procurement is being done offline. “We believe Kobster would make a big change in this market and bring efficiency to many corporates and SMEs in India,” it said. Chandigarh Angel Network, Angel Network Middle East (ANME) and investors on the LetsVenture platform also participated in the round. Kobster is reportedly looking to raise Series A round to expand into Tier-II cities, and strengthen its category offering.