NEW DELHI: A week after Facebook announced grants for small businesses impacted by COVID-19, the company announced that it has tied-up with early stage VC fund Matrix Partners to scale small businesses in India by providing them with digital skilling support.
The tie-up with Matrix Partners is a part of Facebook’s VC Brand Incubator Program that collaborates with venture capital funds to help early-stage small and medium businesses (SMBs) to maximize their digital potential. In light of the pandemic, Facebook has taken the program online to ensure continued skilling and support for small businesses even in these times.
With the tie-up with Matrix Partners India, the program also completes one year during which it has collaborated with six VC Funds – Sauce.VC, Fireside Ventures, SAIF Partners, Sequoia Capital, DSG Ventures, and Matrix Partners India – and skilled, trained, mentored more than 150 brands at various stages of their growth journey.
In a statement, Archana Vohra, Director, Small and Medium Businesses at Facebook India said, “Facebook is committed to supporting the growth of small businesses in India, and this charter is stronger than ever as we work towards enabling their recovery from the pandemic. In light of the current constraints, we’ve taken the initiative online along with a host of our other skilling initiatives such as Boost with Facebook and Advertiser Vintage program to ensure skilling and support for small businesses.”
“Brand building is a crucial part of growing and scaling your company, and Facebook’s incubator program is a stepping stone for early stage consumer-focused companies who are looking to build awareness and engagement with a digital audience. We’ve been early backers in many challenger brands including, ecommerce, gaming, CPG, neo-banking, healthcare, content. Over 20 companies from our portfolio, including Country Delight, Stanza Living, OZiva, ManMatters, Zupee, The Whole Truth, Dealshare, have now partnered with Facebook on this program,” said Sanjot Malhi, Director, Matrix India, in a statement.
As part of the VC Brand Incubator Program, Facebook has also started Campaign Lab that helps direct-to-consumer small businesses get creative solutioning support, and go live with mobile friendly creatives and strategy in under 72 hours.
Boost with Facebook program went virtual in May reaching out to 4x more people than an in-person event. The FB Advertiser Vintage program focused on skilling young businesses, pivoted to webinars offering custom solutioning, customer acquisition, and test and learn assistance. This program will skill more than 3000 businesses this year.