Indian Angel Network (IAN) has reportedly raised more than $33.22 Mn (INR 227 Cr) for its maiden fund launched in April 2017.\r\n\r\nThe company had set a total target of $51.22 Mn (INR 350 Cr) but this could be overshot by $14.63 Mn (INR 100 Cr). The report cited IAN founding partner Padmaja Ruparel as stating that IAN plans to close the fundraising in the next two quarters.\r\n\r\nInstitutional investors like India Infoline, Yes Bank, Max Group, Grey Matters Capital, and Hyundai participated in the fundraising, along with retail investors Kris Gopalakrishnan, Kanwal Rekhi,\u00a0and others.\r\n\r\nRuparel said that with this fund, IAN aims to create a common platform where entrepreneurs can raise amounts ranging from $36,587 (INR 25 lakh) to $7.31 Mn (INR 50 Cr) for all kinds of business requirements.\r\n\r\nAn email query sent to IAN didn\u2019t elicit any response till the time of publication.\r\n\r\nIAN has already invested in 15 startups through the maiden fund. It targets to invest around $731.72 Mn (INR 5,000 Cr) over the next 10 years across 500 companies and help create around 50,000 jobs in the process.\r\n\r\nAt the time of the launch of its maiden fund, IAN had stated that it will deploy the maiden fund to invest in early-stage startups and to make follow-on investments via its angel network.\r\n\r\nRuparel had at that time told Inc42 that the fund is sector-agnostic and would specifically focus on areas such as\u00a0SaaS, marketplaces, fintech, big data, artificial intelligence, and hardware. The firm will also use the fund to co-invest with other venture capital firms in their domain areas.\r\n\r\nThe plan was to deploy the funds over a four-year period in around 160 companies. \u00a0The average ticket size of the fund would range between $77K to $4 Mn.\r\n\r\nIAN was launched in 2006 and usually aims at investing up to $1 Mn, with an average ticket size of about $400K-$600K,\u00a0and exiting in a three-five year period through a strategic sale. It is a SEBI-registered early-stage fund with about 470 investors from 11 countries.\r\n\r\nTill date, it has backed up to 130 companies across 17 sectors. It is also a registered an alternative investment fund (AIF) under the Startup India investment scheme with a fund corpus of $7.8 Mn (INR 50 Cr).\r\n\r\nIn an official statement earlier, IAN had claimed that it has made a collective investment of $32 Mn in around 60 deals over the last three financial years, from 2014-2017.\r\n\r\nIts portfolio includes companies such as Square Plums Technologies, FindMyStay, Protinus Fashion Networking Pvt. Ltd, Little Black Book, One Way Cab, Wiwigo, Roast Media Pvt Ltd,\u00a0and more.\r\n\r\nIn January, IAN had announced to raise $38 Mn funding from Indian as well as overseas markets to fuel the second round of funding for its $70 Mn Fund-I.\r\n\r\nAccording to the\u00a0Inc42 Tech Startup Funding report 2017, the highest number of deals raised funding at the Seed level, with $159 Mn being invested in 259 deals in H1 2017. This figure was followed by growth-stage ($938 Mn across 118 deals), late-stage ($4 Bn across 38 deals), and bridge-stage funding ($36 Mn across 33 deals).\r\n\r\nFurther, the\u00a0Inc42 Tech Startup Funding report for Q1 2018 revealed that the trend of seed funding crunch seems to be making a fair recovery in Q1 2018. Although the number of deals in seed stage is still 18% lower than that of Q1 2017, the numbers have increased by 43% as compared to Q4 2017.\r\n\r\nWith IAN ready to boost early-stage startups, the boost in funding is bound to help several startups from idea to product stage etc.