New Delhi: Singapore-based professional networking platform CoffeeMug.ai on Wednesday announced to have raised USD 625,000 during a pre-Seed round led by AngelList India and Paradigm Shift Capital, as per the Entrepreneur India.
The above-mentioned funding round witnessed contributions from marquee angel investors, including IIM Indore Alumni Angel fund, Archana Priyadarshni, Aloke Bajpai and Yagnesh Sanghrajka.
“CoffeeMug will utilize these funds to cement their acquisition models to expand into the global scale and add more muscle to its AI-based matchmaking algorithm, which perfectly aligns with the Future of Work. Their unique platform-centric senior leadership only model streamlines networking and unlocks real opportunities for its members around recruiting, partnering, mentoring and investing verticals,” said Govind Mundhra, founding general partner, Paradigm Shift Capital, who is set to joining the board of CoffeeMug.
CoffeeMug is planning to use this fund to step up its efforts to revamp its AI-based matchmaking algorithm, increasing its existing user base of 50,000 globally to a double. The platform also plans to connect its users with genuine business opportunities like leadership-level fundraising and jobs.
“Warm Introductions are everything in business, and our model of making relevant connections virtually breaks down the barriers of traditional networking. CoffeeMug is poised to address this globally, helping people grow professionally by unlocking all types of opportunities including switching jobs, raising or investing money or meeting business experts to address challenges,” shared Abhishek Sharma, co-founder, and chief executive officer, CoffeeMug.ai.
Launched by Abhishek Sharma and Dipti Tandon in 2020, CoffeeMug has so far witnessed rapid growth, with 50,000 members joining it within a few months of its inception. At present, CoffeeMug is also adding over 15,000 members every month to its current community.
“CoffeeMug understood my motivations and networked me in the right opportunity with POSist. The platform is poised to disrupt global executive search as they make the right moves with brave choices,” noted Ajay Singh, chief growth officer, POSist.
The company aspires to help global leaders by providing them form valuable linkups that further unlock actual business opportunities. The AI matchmaker utilises algorithms to assist members find jobs, cofounders, mentors and investors.
“I found the right person to head one of our business verticals within a couple of meetings through CoffeeMug. Their matchmaking capabilities are truly remarkable”. I think CoffeeMug will truly disrupt the professional networking space in the time to come,” added Aakrit Vaish, co-founder and chief executive officer, Hapitik.ai.
The company also plans to branching its base across SEA and the US in the next couple of months.