ETtech Deals Digest: Early stage deals only respite in funding starved week for startups

economictimes.indiatimes.com:

One of the two non-seed stage deals was Credgenics’ Series B raise of $50 million, which formed a bulk 82% of overall funding tally. The other deal was Stable Money’s Series A raise of $5 million.

The 12 funding rounds resulted in total deployment of $61 million from August 5 to August 11, an 81% drop from $314 million in the same period a year ago. Earlier in the week, a survey of investors from consulting firm Redseer had indicated that the ongoing slowdown in startup investments may persist for another six to 12 months.

Redseer had said that about 90% of the overall expected funding deals in 2023 will be seed or early-stage investments, ET reported Wednesday. “I think it will likely take nine to 12 months for the market environment to stabilise.

I believe that growth investing will gain momentum at that point due to the substantial available capital,” Hemant Taneja, managing director and CEO, General Catalyst, had said in the report. Of the 12 deals, three companies each operate from sectors of fintech, media and entertainment, healthtech and direct-to-consumer (D2C).

Also, sectors of business-to-business (B2B) commerce, logistics, gaming and edtech had one representation each.Here are the startups that got funded this week:Credgenics raised $50 million: The debt collections platform operator raised $50 million in a round led by Westbridge Capital, Accel, Tanglin Ventures and Beams Fintech Fund.Stable Money raised $5 million: The wealthtech startup raised $5 million in its first equity fundraise, led by Matrix Partners and Lightspeed, with participation from Titan Capital, Mar Shot Ventures and a clutch of angel investors. What’s Up Wellness raised $1.7 million: The digital-first wellness brand raised $1.7 million,