In a competitive market, Clocr, Inc. — the first-of-its-kind all-in-one legacy planning online tool for arranging digital assets founded by the father-and-daughter team of Sree and Apoorva Chintala — has raised over $500,000 through organic and family fundraising in addition to its Republic Crowd Funding Campaign, a major benchmark for a new company, especially coming out of the challenging COVID-impacted year. With its seed round raised in December 2020, Clocr’s Republic Crowd Funding Campaign continues and will be used for footprint expansion in India.
“It has been a long journey for us to get to this point,” said Apoorva Chintala, Co-Founder and CEO, Clocr. “Raising the seed round and people joining our journey through crowdfunding has validated what we are working on and has affirmed that there is a real need in the market for our services. We are super excited about our progress thus far, and we have lots of big plans to innovate in the legacy planning industry.”
The idea for Clocr (pronounced “Clocker” as in short for “Cloud Locker”) came to Apoorva when she lost her grandfather and saw her father struggling emotionally and mentally with digital assets and legacy management.
“I would have been lost if I had needed to figure all this out on my own, especially if it had been during COVID and I had no physical access to records,” said Apoorva who is now 21. In 2020, she and her team were selected as one of the top 16 collegiate entrepreneurs of the year. “My response of ‘I just don’t know’ gave way to ‘I’m going to invent a system to make sure this doesn’t happen to anyone else.”
Founded on November 18, 2018, Clocr offers customizable onboarding and digital vault with proprietary, patent-pending, multi-layered security protocol, built on IPFS and blockchain concepts. Clocr, a SaaS (Software as a Service), empowers its users to efficiently organize their digital assets including all accounts (social media and others) and files, identify their heirs, and provide these heirs access to the digital legacies of their loved ones. Clocr offers digital estate solutions with an easy-to-use online tool. Clocr allows people to set up, manage, and pass on all digital assets in a safe and legal way.
“Clocr had been bootstrapped until we got funding and was originally completely reliant on organic growth,” said Sree Chintala, serial entrepreneur and Clocr CTO and Co-Founder, noting that the company has recently entered the Indian market. “Initially, it was a balancing act between cost and quality. Soon the digital solution matured and worked out in the favor of the company.”
Additionally, Clocr is also expanding its global footprint and hiring teams in different geographies in addition to India. Clocr’s expansion will allow it to be ready for B2B integrations in various verticals. The company has also planned to allocate substantial funds for sales and marketing efforts in the Indian market with the funding received in the first round. Clocr is also scaling its operations fast and its funding needs will also increase with future expansion.
“We have an early mover advantage and a big enough roadmap that brings a multitude of additional services into our digital legacy platform,” said Sree, stressing that Clocr is the first company bringing revolutionary digital legacy solutions to the Indian market after its success in the USA. “With that being said, we are more cautious about further funding expansions. We would consider potential strategic investments, majorly in India, which can enhance our product offering and enrich the revenue.”
Categories: Seed Funds