The Insights Out has learned that the mobile technology company, U2opia Mobile has pledged to invest over USD 3 million over the next three years in startups developing scalable mobile technology.
The initiative is a part of the launchpad accelerator programme for startups in India named Catapult. The programme which will be run from U2opia’s Gurgaon office will aim to support startups in the telecom, mobile ad-tech, utility apps and mobile gaming space.
The support will enable early-phase startups focus on innovation in scalable mobile technology on account of the access to technology infrastructure, working space, brand and marketing support, management and financial cover under Catapult. The startups will also be able to take benefit of U2opia Mobile’s global reach of mobile operators and Internet publishers in addition to infrastructure and support.
The plan will be to invest in five-six companies that have around 2-4 members in the first year itself. The selected startups will be provided incubation and other support for a period of six months.
“Given that the investment sentiment in the market indicates a prolonged winter for startups, it’s imperative that we support the community by creating opportunities for young entrepreneurs to continue building great products without the fear of failure,” Sumesh Menon, co-founder and managing director, U2opia Mobile, told an online daily.
About U2opia Mobile
U2opia mobile is a mobile technology company that enables technology that drives connectivity, fuels transformation and helps companies grow and innovate. Since its pioneering launch in May 2011, its flagship product, Fonetwish, that enables ubiquitous and customized access to the social internet on USSD without access to internet, U2opia Mobile now offers data driven solutions. U2opia Mobile’s solutions include Fonepass, a sponsored data platform that excites customers with possibilities of data and Foneverify, a user authentication tool for businesses application economy that verifies users in real time. The solutions engage a variety of customers, across generations of handsets.
U2opia Mobile works with the largest and most innovative mobile operators in Asia, Africa & Latin America and is managed by an experienced team with deep understanding of consumer, internet and mobile ecosystems. The company addresses a global user base of 1 Billion users in emerging markets with its innovative mobile data solutions. Over the span of 5 years , U2opia Mobile has inked strategic relationships with over 75 MNO’s globally. The company is backed by marquee investors Matrix Partners and Omidyar Network, who provide strategic market reach as well as strong financial support. U2opia Mobile runs operations from Singapore, Delhi, Dubai and San Francisco.
Last year, U2opia had launched dating app Woo in India.