By Cameron Chai
OnGreen, a web-based ‘green and clean’ market place, has announced a $1.4 million investment in raised from a fund that is jointly owned by Blue Marble Ventures in Los Angeles and China Southern Hong Kong Investment Ltd in Shanghai.
Green start ups use OnGreen as a source of funding. It was described as a ‘LinkedIn’ type business but for the Green Economy by its CEO Nikhil R. Jain. However the company does not connect people with people, they connect ideas with money or technology transfer. The company was launched in July 2010.
So ideas of cleantech can be exploited in a commercially viable manner, this company connects entrepreneurs with funds. Funding can be sourced on the company website. The deal or summary of the business plan and the investment needed are outlined by the entrepreneur. Then the investors contact the ones they see potential in, going on to funds deals.
Nikhil Jain said that OnGreen has so far seen 200 deals being posted on the website from 30 countries around the globe. In the fragmented industry the entrepreneurs find support and peer encouragement via the website of the company.