Big boost! In a first, Facebook partners with VC Funds to accelerate growth of small and medium businesses
In an industry-first initiative, Facebook India on Wednesday announced that it will collaborate with Venture Capital (VC) Funds to accelerate the growth of the small and medium businesses (SMB) they invest in.
In an industry-first initiative, Facebook India on Wednesday announced that it will collaborate with Venture Capital (VC) Funds to accelerate the growth of the small and medium businesses (SMB) they invest in. The VC Brand Incubator Program will be the first of many by the social media platform where 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. As part of the program, Facebook will share insights on best practices, proven solutions, playbooks, vertical-insights among other key learnings with VC Funds with the aim of skilling.
For the first edition, Facebook is working with Sauce.vc, a Mumbai-based early-stage venture capital fund that among others has partnered with startups in the food and beverages, personal care, apparel, and the lifestyle space. Speaking about the VC Brand Incubator Program, Archana Vohra, Director, Small and Medium Businesses at Facebook India, said, “With the VC Brand Incubator program we hope to unlock the potential of SMBs in India, enabling them to enhance their and the country's socio-economic growth."
He added that SMBs are the backbone of our economy and Facebook is the default destination for them to thrive and grow. 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. Vohra said that their seamless growth can lead to consistent job creation, adding to the GDP growth. Working with VC funds is crucial as it allows us to scale and support SMBs at an early-stage itself, fast-tracking their growth.
Meanwhile, Manu Chandra, Founder, Sauce.vc said, “The VC Brand Incubator program provides a much-needed understanding of Facebook, its family of Apps, and the digital landscape. As a consumer-focused investor, we look for social marketing expertise in teams that we back as it is a huge driver of success for small startups that have to optimize every rupee spent. The entire consumer startup ecosystem benefits from these initiatives, both from a skill-development and a community-building perspective."
Facebook is home to more than 90 million small businesses globally and is the default destination for SMBs to build their brand and grow their business. The new initiatives by Facebook India are geared towards simplifying the ease of doing business as well as improving digital adoption by SMBs in the country.