CoffeeMug.ai Raises $625,000 From Paradigm Shift Capital And AngelList India In Pre-Seed Round
The company plans to use this fund to accelerate its efforts to refine its AI-based matchmaking algorithm, double its existing user base of 50,000 globally, and connect them with genuine business opportunities like leadership level jobs and fundraising
Singapore-based AI-powered 1:1 professional networking platform CoffeeMug.ai on Wednesday announced to have raised $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, IIM Indore Alumni Angel fund, Yagnesh Sanghrajka, and Aloke Bajpai.
"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," said Govind Mundhra, founding general partner, Paradigm Shift Capital, who will be joining the board of CoffeeMug.
CoffeeMug plans to use this fund to accelerate its efforts to refine its AI-based matchmaking algorithm, double its existing user base of 50,000 globally, and connect them with genuine business opportunities like leadership-level jobs and fundraising.
"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," shared Abhishek Sharma, co-founder, and chief executive officer, CoffeeMug.ai.
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.
"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," noted Ajay Singh, chief growth officer, POSist.
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.
"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," added Aakrit Vaish, co-founder and chief executive officer, Hapitik.ai.
The company is planning to expand its base across SEA and the US in the coming months.