ETtech Deals Digest: Startup funding plummets 88% on year to $26 million this week

Technology startups logged funding worth about $25.6 million in the penultimate week of May, a sharp 88% decline on year. A $11-million funding deal at San Francisco-based UnifyApps accounted for 43% of the overall activity.

Startups across stages, but mostly early, raised funds across 11 rounds, as per Tracxn data. In the same period, a year ago – May 18 to 24, 2023 – startups had raised a total of $219 million. Notably, the funding winter was in full force in March 2023, having set in from September 2022.

Goodwater Capital emerged as the topmost investor in terms of deal volume in the latest week. It deployed capital in startups such as online social trading platform for individuals Blossom, and online platform offering solutions to crack competitive exams SuperKalam.


In terms of volume, total deals during the week stood at 11, compared to 38 a year ago, and 18 in the third week of May 2024. Sequentially, too, deal value went down about 78% from $117.6 million to $35.2 million.

Top deals of the week

UnifyApps: The artificial intelligence startup focused on enterprise integrations, raised $11 million in a seed funding round led by Elevation Capital.

Indigrid: The manufacturer of lithium-ion battery packs for electric mobility raised over $4.8 million led by Cactus Venture Partners.

Portl: Digital fitness and wellness startup Portl raised $3 million in a funding round led by Bharat Innovation Fund.

NoPo Nanotechnologies: NoPo Nanotechnologies, which makes an advanced material that can replace silicon in semiconductors and batteries, raised $3 million from Axilor Ventures’ Micelio Funds and Inflexor Ventures.

SuperKalam: SuperKalam, an AI-led personal mentor for students preparing for competitive exams, raised a seed funding round of $2 million.