Facebook unveils VC Brand Incubator programme for SMBs
- Country:
- India
Facebook India Wednesday announced a programme under which it will partner with venture capital funds to speed up the growth of small and medium businesses that are part of their investment portfolio. For the programme named 'VC Brand Incubator', Facebook has already joined hands with Mumbai-based early stage venture capital fund Sauce.vc, which has over two dozen companies in its portfolio.
The social media giant also plans to rope in 4-6 venture capital funds by the end of the year, Archana Vohra, Director, Small and Medium Businesses(SMBs) at Facebook India told PTI. "The VC Brand Incubator Programme will be the first in a series of programmes by Facebook that will be geared towards laying a strong foundation for SMB growth in India by providing them with timely skilling and guidance, enabling these businesses to hasten socio-economic growth of the country as well," Facebook said in a statement.
The new programme will see the Facebook team up with VC funds to skill and mentor brands by sharing insights including best practices and proven solutions. To start with, Facebook is working with Sauce.vc, that has partnered with startups related to food and beverages, personal care, apparel, and lifestyle.
"Several SMBs are actively working towards creating a larger social change, and many are empowering women entrepreneurs and generating impact in tier-2 and tier-3 towns...Working with VC funds is crucial as it allows us to scale and support SMBs at an early stage itself, fast-tracking their growth," Vohra said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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