Exclusive: Accel to lead funding in Fibr and Portkey

Venture capital firm Accel will lead the next funding rounds of two early-stage startups – Fibr and Portkey – according to sources aware of the development. This will also mark the fundraise for both startups in 2023. 

“Accel is leading a $2 million round in Fibr at a post money valuation of $10-12 million,” said one of the sources requesting anonymity. “The deal is almost in its final stage and likely to be completed in a few weeks.”

Fibr helps brands enhance their conversion rates by bridging the gap between sales and marketing efforts, enabling accurate attribution even on Amazon, e-commerce marketplaces, or brand websites.

Founded by Ankur Goyal and Pritam Roy, the company has already received capital from Jetty Ventures, GrayCell Ventures, and some angels. Currently, the company targets the India and US market. In the US, it competes with the likes of Ownit and BOLT.

Responding to Entrackr’s queries, Goyal said that the company will not be able to confirm or deny.

Portkey enables companies to develop, launch, maintain and iterate over their generative AI apps and features faster. As per its website, companies can add observability, model management, experimentation and compliance to their products through an integration which takes less than a minute.

The startup is in advanced stages to raise $3-5 million in a new Accel-led round, as per sources.

Queries sent to Portkey and Accel on Thursday did not elicit any response until publication of the story. We’ll update the post in case they do.

Accel announced its seventh India-focused fund worth $650 million in March last year to focus on early, seed and pre-seed stage startups.

Since then, the VC firm has backed several early-stage startups, including Rigi, FitBudd, Produze, Powerplay, Brick&Bolt, ApnaMart, and others. Parallel to Peak XV Partners’ Surge, Accel also runs an accelerator program called Accel Atoms. Launched in 2021, Atoms has invested in 24 companies across two cohorts and recently announced applications for the third cohort.