AI-powered 1:1 Professional Networking Platform, CoffeeMug.ai raises USD 625K
CoffeeMug.ai, a Singapore-based AI-powered 1:1 professional networking platform, has raised USD 625,000 in a pre-seed round led by Paradigm Shift Capital and AngelList India.
The funding round saw participation from marquee angel investors, including Archana Priyadarshni (General Partner, Point One Capital), IIM Indore Alumni Angel fund, Yagnesh Sanghrajka (Co-Founder and CFO, 100X.VC), and Aloke Bajpai (Co-Founder and CEO, ixigo.com).
CoffeeMug plans to use this fund to accelerate its efforts to refine its AI-based matchmaking algorithm, double its existing user base of 50K globally, and connect them with genuine business opportunities like leadership level jobs and fundraising.
Launched in 2020 by serial entrepreneurs Abhishek Sharma and Dipti Tandon, CoffeeMug has witnessed consistent growth, with 50,000 members joining the platform within a few months of its inception. Currently, the platform is adding over 15,000 members every month to its community.
The company envisions empowering global leaders by helping them form valuable connections that further unlock real business opportunities. The AI matchmaker uses algorithms to help members find cofounders, jobs, investors, and mentors. Its matchmaking algorithms rely on various factors, including member experience, objectives, interest, and feedback from previous meetings to ensure mutual relevance among members.
Commenting on the announcement, Govind Mundhra, Founding General Partner, Paradigm Shift Capital, who will be joining the board of CoffeeMug, said, “CoffeeMug will utilize these funds to cement their acquisition models to expand into the global scale and add more muscle to its AI-based matchmaking algorithm, which perfectly aligns with the Future of Work. Their unique platform-centric senior leadership only model streamlines networking and unlocks real opportunities for its members around recruiting, partnering, mentoring and investing verticals”.
Abhishek Sharma, Co-founder & CEO at CoffeeMug.ai, said, “Warm Introductions are everything in business, and our model of making relevant connections virtually breaks down the barriers of traditional networking. CoffeeMug is poised to address this globally, helping people grow professionally by unlocking all types of opportunities including switching jobs, raising or investing money or meeting business experts to address challenges.”
Commenting on using CoffeeMug.ai, Ajay Singh, who landed a leadership position as a Chief Growth Officer with POSist, a global restaurant SaaS tech player, said, “CoffeeMug understood my motivations and networked me in the right opportunity with POSist. The platform is poised to disrupt global executive search as they make the right moves with brave choices.”
Aakrit Vaish, Co-Founder & CEO at Hapitik.ai, praised CoffeeMug for helping him find genuine senior level talent when it is easily available yet hard to find. “I found the right person to head one of our business verticals within a couple of meetings through CoffeeMug. Their matchmaking capabilities are truly remarkable”. I think CoffeeMug will truly disrupt the professional networking space in the time to come”.
The company is planning to expand its base across SEA and the US in the coming months.
About the Founders
Previously, Abhishek was the Co-Founder of Edutech startup TenMarks.com based out of SFO, which got acquired by Amazon.com. Later, he joined Times Internet as a Head of HR in 2014, before joining Dineout as the COO.
Dipti Tandon was the Co-Founder of Jeevansathi.com and the founding member of Magicbricks.com. Her previous assignment was as the Chief Business Officer (CBO) of Lenskart.com. Both, Abhishek and Dipti have been pioneers of tech ventures, and CoffeeMug.ai is their latest offering.
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