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Continued growth of consumer technology has helped New Delhi-based iYogi Inc., a provider of tech support, raise $15 million in additional venture capital funding - more than doubling its total funding since founding in 2006.
Draper Fisher Jurvetson led the round and joined earlier investors Canaan Partners, SAP Ventures and SVB India Capital Partners in the new financing. Prior to the new round, iYogi raised $12.5 million in two separate rounds.
IYogi provides remote tech support to consumers and small businesses in the United State, United Kingdom, Canada and Australia. Retailers such as Amazon.com Inc. and Wal-Mart Stores Inc. have partnered with iYogi to provide a competing service to Best Buy Co. Geek Squad tech support business.
The Indian startup has seen strong growth in subscribers, who pay an annual fee of $139 for unlimited tech support for computers, printers, cameras and MP3 players. When it last raised capital in July 2008, the company told The Deal it had 50,000 subscribers. Fast forward 18 months, and the company now claims 100,000 subscribers.
IYogi is not the only startup looking to tackle Geek Squad. In fact one of its chief rivals, Billerica, Mass.-based PlumChoice Inc., interestingly share a financial backer. Last month, PlumChoice received a $10 million line of credit from Silicon Valley Bank, which is part of the same bank holding company as SVB India Capital Partners.
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