Earlier in 2016, Crowdfunding platform Wishberry raised a Pre-Series A round through LetsVenture which saw the participation of notable investors like Sharad Sharma, Rajan Anandan, Amit Ranjan, Alok Mittal among others.
In LetsVenture’s platform history, Wishberry’s round was one of the quickest to get closed with only 8 days in syndication!
Wishberry has now raised Rs 10 crore ($1.4 million) in a Series A round of funding in which Anil Ambani’s Reliance Entertainment and early-stage investment firm 3one4 Capital participated.
Wishberry was founded by ex-McKinsey consultants Priyanka Agarwal and Anshulika Dubey in 2012. Its primary offering is a platform where artists can raise funds for creative projects through rewards-based crowdfunding. The company said it will continue to operate its Kickstarter-style platform, which depends on fan funding for creative projects such as short films, documentaries, and music videos in exchange for non-monetary returns such as invitations to film premieres, dinner with cast/crew, and exclusive first- access to the projects.
The Mumbai-based firm plans to use the fresh capital to launch India’s first crowdfunded film studio for low-budget cinema, named Wishberry Films. The platform will help high net-worth individuals (HNIs) discover and invest in low budget regional and content-driven cinema in exchange for a share of the film’s profits. Wishberry Films will produce, finance, market and distribute the movies.
Wishberry has already raised more than Rs 5 crore for four feature films from a clutch of HNIs and they plan to roll out around 10 films this year for production under this crowd-financing model.
The company will also use the fresh funds to expand its team, especially to hire experienced talent in the film production and distribution space.