U2opia Mobile a Gurgaon and Singapore based mobile tech company will invest $3 million in the next 3 years to fund the startups.
With its Catapult programme, U2opia will invest in 5 to 6 companies having access to state of art technology infrastructure, brand & marketing support, ample working space, financial & management cover with a chance to leverage its global distribution channel in more than 60 countries. It aims to help early stage enterpreneurial teams and startups which find difficult to raise funds.
U2opia Mobile launched by Sumesh Menon and Ankit Nautiyal in May 2011. Currently it is operating from Delhi, Singapore, San Fransisco and Dubai. It is backed by marquee investors such as Omidyar Network and Matrix partners.
To qualify for the Catapult programme startups should have a product with global focus, a validated plan for user growth, a proven history of user traction and should be within two years in business. For a period of 6 months the selected team will be incubated.
Sumesh Menon co-founder of U2popia said
“We have the market, we have the distribution channel and we have the infrastructure, but we need more innovative ideas to support that. So, we are inviting these people to come and build innovative ideas and great products. If any of the company grows and scales further, it can actually exit, and raise funding from other investors, or it can continue to stay within U2opia, and continue growing as a product within the family.”
He further added
“We haven’t seen any phenomenal products yet, but we think there is a lot of innovation going on this space especially mobile gaming. As per KPCB report, we have second largest internet base in the world and with such large Internet base, mobile advertising will going to be the next biggest market also. And any technology that can help improve that efficiency, we will be more than happy to work with.”
It has 3 flagship products including, Fonepass a sponsored data platform which excites customers with possibilities of the data, Foneverify – a user authentication tool for businesses application economy and Fonetwish – that enables ubiquitous & customized access to the social internet on USSD.