The startup’s new round will see participation from Egypt & US based investors
Existing investors such as Venture Catalysts, 9Unicorns, SOSV among others will also participate in this round.
In October, Instoried closed its Series A round worth $8 Mn from Pritt Investment Partners and 9Unicorns
Bengaluru-based AI pre-publication sentiment analysis tool startup Instoried is in talks to close its Series B funding round. Sources aware of the deal informed Inc42 that the startup is raising close to $30 Mn as part of this round.
Instoried will be raising this funding from US and Egypt based venture capital firms, the source added. Existing investors such as Venture Catalysts, 9Unicorns, SOSV, among others will also participate in this round.
“The startup (Instoried) has been receiving a lot of interest from venture capital firms for the new round,” said a source requesting anonymity.
Instoried will be closing the new round at around $100 Mn valuation. The new round of investment almost comes on the back of Instoried closing its Series A round. In October, Instoried raised $8 Mn from Pritt Investment Partners and 9unicorns, Mumbai Angels, Venture Catalysts Angel Fund and other angel investors.
Founded in 2019 by Sharmin Ali, the startup offers an AI content enhancement platform which helps writers and content creators to ensure their copy is engaging. The startup claims that its tool can analyse any text and predict whether it will achieve the goals of the content writer. The platform then provides real-time instructions to enhance the copy to optimise for those results.
Instoried works on a subscription model, costing $49 for an individual user for a three-month timeframe. The startup also offers multi-user and enterprise packages.
The startup claims that it has witnessed its revenue soar by 50X in the last twelve months. Instoried is doubling down to increase its presence in the US.
While there are few prominent players in the writing enhancement space in the country, Instoried locks its horns with Pepper Content. Mumbai-based Pepper Content had last raised $4.2 Mn in their Series A round led by Lightspeed India in October 2020. In November, global assistant platform Grammarly raised $200 Mn at $13 Bn valuation from investors including Baillie Gifford and funds and accounts managed by BlackRock, among others
As per a market research report, the global writing enhancement market is expected to reach $767.93 Mn by 2026 growing at a CAGR of 11.56% from 2019 to 2026.
