Alex Mittal on building an online venture capital firm – full WIRED Money talk

Alex Mittal on building an online venture capital firm – full WIRED Money talk

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Accessing venture capital funding can be a major pain point for startups. This is something that Alex Mittal aims to address with FundersClub.

According to CBInsights, two-thirds of tech companies that exited last year didn’t raise any money from VCs or angels. “There are lots of deserving companies out there that are not getting funding,” said Mittal, speaking at Wired Money.

He set up FundersClub after finding the process of raising funds with a previous business — Innova Dynamics — to be time-consuming and frustrating. Trying to raise $25 million took up “a significant and relevant portion” of his time, and he came out the tail end “questioning venture capital”. As a result, he decided to create the “world’s first online venture capital firm”, which aims to make it easy for startups and accredited investors to connect with each other.

Wired Money is a one-day summit that explores the future of finance. The event was launched in recognition of the fact that financial services — from online payments to transferring money — are broken. And where a problem exists, so entrepreneurs step in to create efficiencies. Wired Money brings together the new breed of startups taking on the incumbents and the bold thinkers rewriting the rules of money — from digital currencies and online reputation to mobile money and digital wallets.

Check out the full WIRED Money playlist here: http://po.st/5hMeeY

WIRED Money will return in 2015. Look at www.wiredevent.co.uk for details.