SUMMARY
- Futwork has bagged $2.5 million in its Series A funding round, led by the Michael & Susan Dell Foundation.
- The newly raised capital is expected to be utilized by the company to achieve its growth objectives and to bolster its financial stability.
- Futwork secured a seed funding of $1 million from Blume Ventures in 2022.
Sales outreach platform, Futwork, has bagged Rs 20.9 crore or $2.5 million in its Series A funding round, led by the Michael & Susan Dell Foundation, with contributions from Artha Ventures, Simile Capital, and additional investors.
The Futwork board has authorized the issuance of 50 equity shares and 8820 preference shares at an issue price of Rs 23650 each, aiming to raise a total of Rs 20.9 crore, as documented in its regulatory filings.
The Michael & Susan Dell Foundation has contributed the largest sum of Rs 14.17 crore to this round, with contributions from other investors including Artha Ventures, Simile Capital, SCI Bureaux, We Founder Circle, and angel investor Abhishek Goyal who collectively contributed the remaining funds.
The newly raised capital is expected to be utilized by the company to achieve its growth objectives and to bolster its financial stability. Following the infusion of funds, the Michael & Susan Dell Foundation will hold a 19.92% stake in the company, with Simile Capital and Artha Ventures each securing 10.08% and 5.64% stakes, respectively.
Additionally, Futwork secured a seed funding of $1 million from Blume Ventures in 2022. The company has been valued at around Rs 71 crore or $8.5 million post-allotment.
Established in 2020 by Armaan Vananchal, Niranjan Nakhate, and Sri Ganapathy, Futwork specializes in assisting businesses in the expansion of their outbound calling teams at no fixed costs. The platform offers a range of tele-calling applications, including product demos, session bookings, and the collection of customer feedback.
In FY23, the company reported a 12% decline in revenue, reaching Rs 3.79 crore, with a loss of Rs 3.78 crore during the same period. The company’s losses for the previous fiscal year were reported to be Rs 2 crore.
Source: Entrackr
