CIO Angel Network (CAN) has made its first successful exit in investments, with Bengaluru-based security solution provider InstaSafe, for an undisclosed amount within 18 months of backing the startup. BSE-listed ABM Knowledgeware has made an undisclosed investment in the startup after buying secondary stake from CAN.
This deal will allow ABM Knowledgeware to add a slew of technology products of Instasafe. The transaction involves ABM buying secondary stake from angel investors and also infusing fresh primary funds into Instasafe.
The startup will use the proceeds to improve its product offerings and expand into international markets while enhancing its marketing and sales teams.
Founded in 2012, by Sandip Kumar Panda, Biju George & Prashanth Guruswamy, InstaSafe is a cloud-based security solutions provider that helps mobile and remote workers securely access enterprise apps, email and web on a SaaS model. In August 2015, the Bengaluru-based startup had raised an undisclosed amount of funding led by Vishal Khare and Alok Agarwal on behalf of Indian Angel Network (IAN) with co-investment from CIO Angel Network.
Serial angel entrepreneur Sanjay Mehta, who is also an investor in InstaSafe stated,
“Exits are always welcome as they bring liquidity. Today value creation is tough. And we thought it was in the interest of the company as they would get support of a listed-company’s balance sheet and fresh primary investment to grow. At CIO Angel Network, InstaSafe was our first investment and we got our first successful exit with the same also. We are excited with our expertise in evaluation and investment in B2B startup space.”
CAN is a new Angel Network, an initiative by Anoop Mathur. Its two chapters – Mumbai and Delhi are focussed on technology and technology-enabled deals and aim to accelerate seed-stage startups through fundraising support and customer discovery. Last year, CAN had invested in Delhi-based mobile ad platform PayTunes and customer engagement platform Codemojo.
[This development was first reported by ET.]
