Morpheus Venture Partners (MVP) an incubation firm which we have tracked since inception (earlier coverage here, here and here) has evolved into a complete Y Combinator Clone. MVP has rechristened itself as The Morpheus (www.themorpheus.com) and shall now be investing 5 lakhs or 10000$ in their new batch of incubated startups.
Morpheus would be making these investments form its next batch which will be the 4th batch of startups. The 10,000$ is exactly the same amount that Y Combinator too invests in its startups so Morpheus now is truly an Indian version of Y Combinator in the model atleast. The release thay have put out states that their LP’s i.e. Limited Partners are folks who understand the startup space but there is no mention of who these investors are.
Last date for applications to be part of Morpheus batch 4 is March 10, 2010.
One can check out their FAQ’s to know more about them. As they say themselves they are not the folks you should approach if you are ONLY looking for funding!
While I can’t recommend Morpheus (as I don’t know how good they really are with startups) but as a model I believe we need 100′s of such incubation firms to generate tons of new ideas into some sort of business that can be further funded. Lets hope we see more of such incubation firms funding small yet powerful startups.
