Finland-based FinTech company Rundit has secured €1m in its seed funding round, which will help it streamline investor reporting.
The investment was co-led by two angel investors. One of these was Pierre Weimerskirch, a board member at a number of private equity and venture capital funds and the LPEA Luxembourg Private Equity Association. The other lead investor was not named.
With this capital injection, the FinTech is hoping to scale across Europe and the US, whilst improving its offerings to investors.
Rundit is a portfolio management and monitoring platform, which aims to make investor reporting easy and transparent so VCs and LPs can make better data-driven decisions.
Its technology enables venture capital firms, accelerators, investment companies, family offices and other professional investors to receive real-time investment reports, which include digitised data flow from portfolio companies to GPs. Rundit’s analytics are generated automatically from tracked KPIs.
The FinTech launched its portfolio management platform in Q1 2020 and has already tripled the number of venture capital firms using the tools.
Rundit co-founder and CEO Jori Karstikko said, “Startups want to be out there growing their business to become the next unicorns, not submitting cumbersome investor reports with out-of-date tools such as Excel. Similarly, very few VCs enjoy making reports for their investors (LPs) with data that is typically already old by the time the fund report is generated. Instead of creating reports about the past, VCs should get real-time analytics to make better decisions for their portfolio in the future.”
With the close of the round, the company has raised a total of €1.6m in funding.
Lead angel investor Pierre Weimerskirch said, “In this post-Covid world, there’s a dire need for better automation in the VC industry given the vast amounts of raw data investors need to collect. I was convinced by the young, vibrant team at Rundit who has developed a must-have product that tackles the need for more transparent and straightforward reporting for GPs and LPs.”
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