SCOPE Raises USD 5 Million for US Expansion
Jul 30, 2024 16:28
SCOPE, a startup platform, secures USD 5 million for its secondary fund, boosting its asset management capabilities in the US. This follows a recent USD 90 million funding round and acquisition of an Asset Management License in the United States.
Hyderabad, Jul 30 (PTI) SCOPE, an invite-only platform for startups, on Tuesday announced the successful raising of a USD 5 million secondary fund, in continuation of its recent USD 90 million funding round.
A press release from the personalised network platform said the new capital injection, raised from a group of single-family offices including Fedesa, which are majorly concentrated in Europe, comes in conjunction with SCOPE's acquisition of an Asset Management License in the United States.
The Asset Management License under the California Adviser Act of 1940, Section 275, enables the firm to offer comprehensive asset management services. This strategic move allows SCOPE to manage assets directly and significantly broaden its influence in the US market, it said.
Appalla Saikiran, founder and CEO of SCOPE said, "Our decision to pursue this license and raise additional funds reflects our unwavering commitment to expanding our service offerings and managing client assets effectively. This aligns with our vision of becoming a global leader in asset management, leveraging our venture capital expertise to provide value-added investment solutions."
The newly raised USD 5 million will be instrumental in driving SCOPE's investment strategies, enabling the firm to support a broader array of innovative startups, the release added.
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