Indian Angel Network or IAN has invested in SwiftShift, TechCrunch reported.
The investment of the biggest business angels group in India is the first made in a startup based in the UK. Financial details about the funding were not disclosed. The biggest angel network in Asia, comprised of more than 250 investors in 10 countries, the IAN backed SwiftShift after hearing its pitch in an event sponsored by the UK Trade and Investment or UKTI, the report said.
In a press release about the funding, IAN Co-Founder Saurabh Srivastava said they are happy about their investment and think that SwiftShift's product will be sold globally. Srivastava added, "The UK is home to some of the best innovation and R&D in the world. IAN, is a rare and possibly the only angel group in the world that has global membership and invests globally, with nimble yet robust, standardised, transparent processes that operate across geographies."
Seven startups also introduced their products in the UKTI pitching event and IAN said it is also continuing discussions with three other firms that had "impressed" them, the release said.
TechCrunch reported that SwiftShift uses SMS, email and mobile technology to answer the need for "short notice shifts." According to the SwiftShift website, their unique solution provides a variety of benefits, included reduced overall payroll, lowered hours lost because of absences, more transactions, and increase utilization of a company's current staff.
Government figures reveal that Indian companies are the fifth biggest investors in the UK. In addition, the UK receives more than half of Indian investment in Europe. Aside from India, the IAN has also backed young firms in other countries like Hong Kong, Sri Lanka, Singapore, USA, France and Canada, TechCrunch reported.
In the statement about the funding, UK's Minister for Government Policy Oliver Letwin said, "There is a wealth of British talent and potential that needs the right investment and bringing the Indian Angel Network to this country forms part of our efforts to ease access to finance for start ups and attract foreign capital."
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