Deals syndication platform LetsVenture has launched a new product, LetsVenture Plus, which will allow ultra-high-net-worth individuals (UHNIs) and family offices to invest in growth-stage startups, as well as come in as Limited Partners in global funds.
The invite-only platform, which is currently in stealth mode but is expected to be formally announced later this week, already has about 500 users. It has launched multiple deals, including an exclusive allocation in a global venture capital fund, among others. LetsVenture has, however, not disclosed the name of the fund.
The platform, founded in 2013 and backed by Accel Partners, Chiratae Ventures, Ratan Tata, and Nandan Nilekani, among others, has brought on board Nimesh Kampani, who was formerly with Kotak Mahindra Bank, to head the new product.
“There was a need to cover the entire startup ecosystem, and what LetsVenture Plus will do is, look at all Series B transactions, and going all the way up to the unicorns. We will look at allocations for funding, and raise it from our network of investors,” Kampani told ET.
The platform aims to bring curated and exclusive opportunities to HNIs and family offices at ticket sizes that suit them and provide them access to an asset class that continues to remain inaccessible, according to Shanti Mohan, CEO of LetsVenture.
“Family offices and UHNIs typically get access to growth-stage companies, or unicorns, by being an LP in a fund. We want to try and break that information and price arbitrage in the marketplace, and bring in greater transparency across the board,” Mohan said.
This is the second product launched by LetsVenture in 2020. In January, ET was the first to report that the deals syndicate had launched MyStartupEquity, its employee stock options, and cap table management product, and which was also the first such concerted effort in the country’s ecosystem to digitize, manage and liquidate startup employee stock grants.
The successive launches are part of LetsVenture’s overarching strategy of being an all-round private capital markets partner for the entire ecosystem.
Published in The Economic Times on May 7 | Source: https://bit.ly/2L9vMZk
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