SCOPE Secures $5M Secondary Fund Amid Major Expansion Efforts

SCOPE, an exclusive platform for startups, has raised a USD 5 million secondary fund, adding to its previous USD 90 million round. The funds come from European single-family offices including Fedesa. SCOPE also acquired a US Asset Management License, enhancing its asset management capabilities and broadening its influence in the US market.

SCOPE, an invite-only platform for startups, announced on Tuesday that it has successfully raised a USD 5 million secondary fund. This addition follows its recent USD 90 million funding round.

According to a press release from the personalized network platform, the new capital was raised from a group of European single-family offices, including Fedesa. The funding coincides with SCOPE’s acquisition of an Asset Management License in the United States.

This license, obtained under the California Adviser Act of 1940, Section 275, allows SCOPE to offer comprehensive asset management services. This strategic acquisition enables SCOPE to manage assets directly and broadens its influence in the US market, the company stated.

Appalla Saikiran, founder and CEO of SCOPE, stated, ''Our decision to pursue this license and raise additional funds reflects our unwavering commitment to expanding our service offerings and managing client assets effectively. This aligns with our vision of becoming a global leader in asset management, leveraging our venture capital expertise to provide value-added investment solutions.'' The newly raised USD 5 million will play a crucial role in advancing SCOPE’s investment strategies and supporting a wider range of innovative startups, the release added.