Good Capital launches to close the funding gap for early-stage Indian startups – gpgmail


Rohan Malhotra and Arjun Malhotra left their jobs in London and Silicon Valley to explore opportunities in India in late 2013. A year later, the brothers launched Investopad to connect with local startup founders and product managers and built a community to exchange insight. Somewhere in the journey, they wrote early checks to social-commerce startup Meesho, which now counts Facebook as an investor, Autonomic, which got acquired by Ford, and HyperTrack, among others. Now the duo is ready to be full-time VCs.

On Monday, they announced Good Capital, a VC fund that would invest in early-stage startups. Through Good Capital’s maiden fund of $25 million, the brothers plan to invest in about half a dozen startups in a year and provide between $100,000 to $2 million in their Seed and Series A financing rounds, they told gpgmail in an interview last week.

“Through Investopad, we helped startup founders raise money, provided guidance, and helped them find customers. We did a ton of events, and learned about the market,” said Arjun, who worked at Capricorn Investment Group and also acted in 2014 blockbuster Bollywood title “Highway.”

Investopad’s first fund portfolio stands at a gross IRR of 138.3% and nine of its 12 investments have realised returns, with every dollar invested already returned, the brothers said.

Good Capital will focus on investing in startups that are building solutions that address users who have come online in India for the first time in the last two years, they said.

“We don’t have laser-focus on a particular sector,” said Rohan, who previously worked as a sports agent in the talent management business. “Our primary focus is to help startups that are taking a bottom-up approach.”

One example of such startup is Meesho, a social-commerce startup that has amassed over 2 million users who are engaging with the platform to sell products across India.

In a statement, Vidit Aatrey, cofounder and CEO of Meesho, said, “Rohan and Arjun were our earliest investors. They have a phenomenal global network of entrepreneurs, operators and investors. They helped us early on with introductions to such people; who brought not only capital but, more importantly, valuable operational inputs which helped us learn quickly and find product-market fit faster. While we’ve grown from 2 people to over 1,000+ at Meesho, they remain close confidants!”

The VC fund has completed its first close of $12 million from Symphony International Holdings, a host of European family offices, and a number of other Silicon Valley entrepreneurs.

Sundeep Madra, CEO of Ford X, and Yogen Dalal, Partner Emeritus at the Mayfield Fund and founder of Glooko, and Dinesh Moorjani, Managing Director of Comcast Ventures and founder of Hatch Labs and Tinder, will serve as advisors to Good Capital.

“Rohan and Arjun have a unique ability to identify trends and bring together founders and investors to go after the unique problems that India needs to have solved. They operate with a sense of urgency and innovation which is a major key at the seed-stage.” said Madra, who has invested in companies such as Uber and Zenefits.

The fund has also set up an investment committee whose members are Sanjay Kapoor, former CEO of Airtel and now a senior advisor at BCG, Rahul Khanna, formerly a managing partner at Cannan Partners and now founder of Trifecta Capital, and Kashyap Deorah, a serial entrepreneur who is currently building HyperTrack.

Good Capital has also already made two investments: SimSim, a video-based e-commerce platform that is trying to replicate the experience consumers have in offline stores, and Spatial, a cross-reality platform that allows people to collaborate through augmented reality. Garrett Camp, a founder of Uber and Expa, and Samsung Next have also invested in Spatial.

The VC fund is also interested in funding business-to-business startups, though they say these startups would ideally be building solutions for overseas markets. “There we are generally targeting makers, developers and designers, rather than solving problems for heavy-duty sales businesses.”

The arrival of Good Capital should help the Indian startup community, which today has to rely on a handful of VC funds that invest in early stage startups. “Conventionally, funds have targeted the top of the pyramid by exploring visible opportunities and replicated US companies and models,” said Moorjani in a statement.

“In contrast, Good Capital’s first principles thinking applied to India’s larger economy, which is coming online at scale with a supporting ecosystem for the first time, has been refreshing to see. The team is beyond talented.,” he added.

Even as Indian tech startups raised a record $10.5 billion in 2018, early-stage startups saw a decline in the number of deals they participated in and the amount of capital they received.

Early-stage startups participated in 304 deals in 2018 and raised $916 million in funds last year, down from $988 million they raised from 380 rounds in 2017 and $1.096 billion they raised from 430 deals the year before, research firm Venture Intelligence told gpgmail.

As for Investopad, the brothers said they have hired a number of people who will now continue its operation.


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Facebook Dating launches in the U.S., adds Instagram integration – gpgmail


Are Americans ready to trust Facebook with their dating life? Barely more than a month has passed since the U.S. Federal Trade Commission fined Facebook a record $5 billion over its privacy lapses, and imposed a modified corporate structure to hold the company more accountable for its decisions over user privacy. In the wake of this historic action, Facebook’s brand-new dating product is today launching to all in the U.S., promising to leverage the company’s deep insight into people’s personal data to deliver better matches than rival dating apps like Tinder, Bumble, Match and others.

With its U.S. arrival, Facebook Dating will now also allow users to integrate their Instagram posts in their dating profile and add their Instagram followers to their “Secret Crush” list, in addition to Facebook friends.

By year-end, Facebook Dating users will be able to select which Facebook or Instagram Stories they want to add to their dating profile.

FB and IG Stories

Trusting Facebook to find your match

Though the U.S. is the 20th market for Facebook Dating, it’s one of the most important for the product, which was first announced at the company’s F8 developer conference last year.

The new service represents a significant step toward making Facebook a tool for connecting with people who aren’t just friends or family.

This is an area where the company is now heavily invested. The Facebook Groups product, used by a billion people on a monthly basis, connects users by similar interests or by geographic location, as with its neighborhood groups. The company also launched Facebook at Work a few years ago to allow businesses to build their own networks on top of Facebook infrastructure.

Arguably, none of these efforts require as much trust as opening up your Facebook data — to a company known for its mishandling — in the hopes of finding love.

Entry Points 2 DF

Facebook, well aware of the potential privacy pitfalls in such a product, has taken a number of steps to lock down the Facebook Dating experience so you’re not unwittingly outed to family or friends, or to work colleagues and other professional acquaintances. (Or, you know, to your spouse or significant other.)

For starters, the people you’re shown on Facebook Dating will not include your Facebook Friends. You can also opt to have Facebook Dating only show you those people where you don’t have any friends in common, for another layer of protection. And you can pre-emptively block people from seeing your profile on Facebook Dating — which may work well as a way to ensure an ex’s profile never, ever comes up and to make sure they never see yours.

And of course, Dating is an opt-in experience.

Privacy DF

Your profile will never be visible to friends anywhere or to any people not on Facebook Dating, and it won’t appear in the News Feed. With the newly added Instagram integration, only your photos will be shown — not your Instagram handle.

However, there is still a way to add a Facebook friend as a “Secret Crush,” which will only be revealed if the interest is mutual. People are also limited to nine “crushes,” to prevent abuse of the feature. This now extends to Instagram followers, too, with the U.S. launch.

Profile Creation 1 DF

The product, which lives within the main Facebook app, also allows you to connect with people attending the same events or who participate in the same groups — though this is off by default and can be enabled on a one-by-one basis.

Beyond that, however, Facebook Dating will present you with a set of profiles based on other factors — mutual friends (if enabled), mutual groups (if enabled), mutual schools and other, unknown factors.

Profile Creation DF

This is where things get tricky.

Facebook, of course, has been known to be eerily accurate with its friend recommendations — so much so that some people believed it had to have been spying on them. (As it turned out, Facebook did know more about who you were connecting with than people had realized.)

In terms of Facebook Dating’s recommendations, it’s unclear what “other” data, specifically, Facebook will be using.

Officially, Facebook says that match suggestions are based on “your preferences, interests, and other things you do on Facebook.”

Asked how exactly Facebook will rank its profile suggestions, Nathan Sharp, the Product Lead for Facebook Dating, said he can’t discuss the details of the system.

What I can say is that, in terms of privacy, none of the people you would see or encounter would be divulging any sort of information,” he explains. “So, if you and Taylor, for example, had gone to the same college, but you’d never posted that on your dating profile, you may be up-ranked. But Taylor would never see what college you went to and you would never see what college Taylor went to,” says Sharp. 

Sharp notes that people may discover their mutualities — like sharing the same alma mater, for instance — naturally, through conversations had within Facebook Dating chat.

EventsandGroups multiple 1

Though it’s not unusual for a dating app maker to be tight-lipped about its secret sauce, the amount of data Facebook has to play with here is a competitive advantage and possibly a cause for concern as users are in control of what profile data Facebook is using behind-the-scenes.

On Tinder, you may write that you “love hiking,” but Facebook would know if you actually participated in hiking-related groups or events, and how often. It may know a lot more, too — like your check-ins to hiking trails, if there are mountains in your photos, if you posted updates with the keyword “hiking,” if you “Liked” Facebook Pages about hiking, etc. But Facebook won’t confirm if this sort of data is used or how.

If people can look past the uncertainty around Facebook’s use of their personal data — and that’s a huge unknown for the U.S. market — the product itself has several advantages.

Facebook Dating’s larger goal is to make matchmaking feel personal again. It aims to remind people there’s a real person behind these profiles. That dating is not meant to be a game. This could be a big differentiator from a market tired of but still committed to using dating apps.

The issue is that today’s dating apps aren’t incentivized to help people make long-lasting connections — after all, people who find a relationship abandon their dating service. That’s bad for the apps’ bottom line. What better, then, but to double down on the “single lifestyle,” as Tinder is now doing, to ensure users stick around?

Facebook, on the other hand, isn’t exactly worried about user churn. With the social network’s 2.4 billion monthly users, it has the bandwidth to make dating an additive feature. Its sheer numbers also mean the potential for a far larger pool of daters, including those who wouldn’t otherwise think to join a dating app.

Another advantage is that Facebook is a company that knows how to build a compelling user experience. It shines in the details on Facebook Dating — like how easily it flows you into a gender identification screen at setup, or how it gives you a way to quickly share your live location for first-date safety with a trusted friend on Messenger .

It’s cracking down on the sending of unsolicited photos and porn-bot spam that plague dating apps, by limiting chats to text and GIFs only. That means no links, photos, payments or videos can be shared in messages.

And when Story integration goes live by year-end, checking out daters’ less-polished updates may become a new favorite activity.

Gender Identity Flow

Finally, because its raison d’être is not (for now at least) direct monetization of core dating features — like messaging or returning to a profile you accidentally swiped past — Facebook can create a free product where you’re not limited by the app’s need to squeeze you for dollars.

PauseMatch SecondLook DFThat said, the product can’t help but borrow from Tinder, with its set of rounded like/dislike buttons (why is there never a maybe?), photo-centric profiles that reward the genetically blessed, the integrated private chat and now Instagram integration, too.

Instagram Posts

In addition to the U.S., Facebook Dating is live already in Argentina, Bolivia, Brazil, Canada, Chile, Columbia, Ecuador, Guyana, Laos, Malaysia, Mexico, Paraguay, Peru, the Philippines, Singapore, Suriname, Thailand, Uruguay and Vietnam. It will be in Europe by early 2020. 

The company won’t say how many users are on the Dating product so far, but claims it’s “doing well.”

Facebook Dating is rolling out to users 18 and over in the U.S. starting today.


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