SCOPE obtains Asset Management Licence in US, raises $90 million

Invite-only platform for startups, SCOPE on Tuesday announced that it had acquired an Asset Management Licence in the US and also secured over $90 million to bolster its asset management arm.

According to the company, this milestone marks a strategic expansion of SCOPE's investment capabilities, allowing it to manage assets directly and broaden its influence in the US market.

In addition, the fresh fund will be used to drive the firm's investment strategies and enable it to support a wider array of innovative startups.

"This milestone not only enhances our investment capabilities but also strengthens our commitment to supporting innovative startups in key sectors like fintech and gaming," Appalla Saikiran, Founder & CEO, SCOPE, said in a statement.

SCOPE has secured an Asset Management Licence under the California Adviser Act of 1940, Section 275, enabling it to offer comprehensive asset management services to a diverse portfolio of clients, including institutional investors, High-Net-Worth Individuals, and family offices.

With the licence, the company plans to position itself as a key player in the US asset management landscape.

The firm will leverage its deep industry knowledge, extensive network, and innovative approach to attract and manage investments in high-potential startups.

The company had raised around $6 million from the Partners Value fund in January this year to expand to the US market and tap further into the startup ecosystem.