Accel Partners invests in digital media firm Trivone

20 Dec,2011

By Biswarup Gooptu

 

Marquee venture capital firm Accel Partners, announced on Wednesday that it has invested an undisclosed amount in a round of Series A funding in Bangalore-based digital media and content firm Trivone Digital Services.

 

The investment will be used to fund Trivone’s working capital requirements as well as pushing growth through the inorganic route in the months ahead, according to a press statement released by the VC firm.

 

“Trivone, given the media and Content expertise of the team, is well set to build a best in class Digital Media Company”, Mahendran Balachandran, partner, Accel India, said.

 

Trivone, which has been looking to grow through the acquisition route, had acquired the management rights for the three information technology portals – Techtree.com, ChannelTimes.com and CXOToday.com – from media conglomerate UTV in May earlier in the year.

 

“We are delighted to have Accel Partners on board and look forward to working closely with them as we chart out a growth path for ourselves,” Subu Subramanyan, chief executive, Trivone, said.

 

The Trivone investment is the second such investment for Accel Partners in December, following its $1 million (Rs 5 crore) investment in SaaS-based social customer support start-up Freshdesk.

 

The VC firm, which has also backed global Internet majors such as Facebook and Groupon, announced in November that it had raised a $155 million fund focused on seed and early-stage investments in India  Its investments in India include, Kaatizone, Babyoye.com (Nest Childcare Services Private Limited), Exclusively.in, Flipkart, Probe Equity Research Pvt Ltd, LetsBuy.com, among others.

 

Source:The Economic Times

Copyright © 2011, Bennett, Coleman & Co. Ltd. All Rights Reserved

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