Saturday, August 15, 2015

#Qualcomm and #Accel Partners invest $350,000 in MyPoolin and Flip Technologies

Qualcomm Ventures, the venture capital arm of the semiconductor maker Qualcomm Inc., and Accel Partners have jointly invested $250,000 in MyPoolin and about $100,000 in Flip as part of QPrize, an annual, early stage start-up funding initiative by Qualcomm.MyPoolin is run by Infinypool Online Payment Solutions Pvt. Ltd and it helps people jointly plan and pay for things using a mobile app, and Flip, makes wearable activity trackers for action sports.
MyPoolin and Flip were the winner and runner-up of the Qprize this year.

“India is at the cusp of a digital revolution that will drive the government’s vision for a Digital India,” said Karthee Madasamy, managing director, Qualcomm Ventures India. “Qualcomm Ventures is committed to identifying and fostering the industry’s most promising early-stage technology companies. As the winner of QPrize India 2015, MyPoolin embodies the spirit of entrepreneurship, cutting edge technology, game-changing innovation and excellent team dynamics. We congratulate them on this accomplishment and look forward to seeing them in the QPrize Grand Prize competition.”

“At Accel, we have partnered with some of the best seed and early-stage technology companies from India since 2005, including Flipkart, Myntra, Freshdesk, Taxi for Sure, Commonfloor, Portea and so on. Many of them have since emerged as category leaders. Likewise, QPrize has successfully identified several high quality early-stage companies. We continue our relationship with Qualcomm on this initiative and believe QPrize would lead to many more such companies.” said Subrata Mitra, Partner at Accel Partners.