OnGreen raises $1.4 Million in Series A funding
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Bangalore: OnGreen, a professional networking website that aims to serve as a platform for both clean tech entrepreneurs and potential investors, has raised a $1.4 million series A investment of its own from a jointly owned fund between Blue Marble Ventures in Los Angeles, and China Southern Hong Kong Investment in Shanghai, reports Lora Kolodny of TechCrunch.com. "Entrepreneurs post deals, or standardized summaries of their business plans and funding needs to OnGreen. More than 250 deals have been posted from 30 countries, with around 30 percent of those hailing from outside of the U.S. so far. Desirable teams are contacted by investors as a result of posting, and according to our September survey half of those who posted were contacted by potential investors. But entrepreneurs can also use the site to get feedback on their business plans and to network in what is a somewhat fragmented industry," said Nikhil R. Jain, Chief executive and founder of OnGreen. The company aims to create funding opportunities and to build the largest database of green technologies and entrepreneurs in the world through this platform. OnGreen will use the series A capital to launch a Chinese version of its site. "Currently, OnGreen plans to generate revenue through advertising, lead generation, events, custom clean tech and green industry research, and other sources. The company is on target to become profitable by the end of 2011," added Jain. The company is trying to build its presence in China and India during the next year, and to launch a patent exchange in collaboration with the University of Southern California Energy Institute .

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