ETtech Deals Digest: Startup funding falls 70% to $102 million this week

With no respite from the funding squeeze, investments in startups in the second week of 2024 dropped about 70% on year, totalling $102.1 million across 26 different deals.

Companies, across seed, early and late stages, had raised about $288 million in the period from January 6 to 12, 2023, as per data from Tracxn.

The most significant amount of capital raised in the week was in the early stage, at about $49 million, accounting for 48% of the overall deal value. This was followed by $35.2 million in late-stage funding, commanding 35%.

Sequentially, funding in the latest week amounted to a nearly 3X rise in value terms, and up over 3X by volume. Last week, these new-age companies raised $35.8 million across 8 deals.

The latest numbers come after a busy spell of dealmaking in December, which came as a twist at the end of 2023 – one of the weakest years for venture capital activity in the country.

Top five deals:

MakeO: The cosmetic solutions startup raised $16 million in a new round of funding led by 360 ONE Asset, formerly IIFL Wealth, and the investment office of public markets investor Ashish Kacholia.

Akshayakalpa: The organic dairy startup raised $12 million in a Series C round led by A91 Partners.

Grip: The alternative investment platform raised $10 million in a mix of equity and debt, led by Stride Ventures, as part of its latest funding.

CureBay: The healthcare startup raised $7.5 million in a funding round led by existing investor Elevar Equity.

Slurrp Farm: The children-focused snacking and meal brand raised $7.2 million in a fresh round of investment from new and existing investors