TiE, a not-for-profit network of entrepreneurs, will launch Kerala Angel Network on Saturday, coinciding with the fifth edition of TiECON, a two-day convention of entrepreneurs.
Talking to The Hindu on the sidelines of the convention that began here on Friday, TiE Kerala president Rajesh Nair said though formed under the aegis of TiE, the Kerala Angel Network would function as a separate organisation.
25 members
Twenty-five members of TiE participated in creating the angel network. It will begin with a corpus fund of Rs.30 crore. Each eligible start-up will get funding between Rs.50 lakh and Rs.3 crore though no lower and upper caps have been fixed.
“We will look at investments in Kerala first, which means that start-ups in Kerala will get the first opportunity,” said Mr. Nair.
Initially, participation will be limited to TiE members.
But may be a year down the line, doors could be open to take aboard more investors.
A process will be put in place to vet every application and a TiE charter member will be in charge at least for a year. “Subsequently we will have a governing council for the network. For every investment, we will have one charter member as a deal champion who will coordinate and make sure not just funds but adequate mentorship as well,” Mr. Nair said.
Eligible start-ups will get funding between Rs.50 lakh and
Rs.3 crore though no caps have been fixed