Making VC portfolio management and monitoring hassle-free and data-driven
Finland-based startup Rundit, a platform for portfolio management and monitoring, has raised €1m in seed funding to further its mission of making investor reporting easy and transparent so that VCs and LPs can make better data-driven decisions.
The round was led by two new angel investors, including Pierre Weimerskirch, board member of several PE and VC funds and the LPEA Luxembourg Private Equity Association. The capital will be used for scaling across Europe and the US, while improving Rundit's product offering for GPs.
“We are excited to have the backing of our strategic angel investors who can help us accelerate the development of the platform and scale in new geographies. Since launching our portfolio management platform in Q1 2020, we’ve already tripled the number of VCs using the platform and plan to continue this strong growth trajectory,” said Rundit co-founder and CEO Jori Karstikko.
Rundit’s global platform enables VCs, accelerators, investment companies, family offices, and other professional investors to get regular real-time investment reports with an entirely digitized data flow from portfolio companies to GPs, and eventually to LPs and Fund Administrators. With the Rundit platform, analytics are generated automatically from tracked KPIs, thus removing human error and the laborious and repetitive nature of reporting for investors and their portfolio companies, while displaying the results through beautiful and functional dashboards.
“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to be out there growing their business to become the next unicorns, not submitting cumbersome investor reports with out-of-date tools such as Excel.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,” continued Karstikko.
Most startups and VCs are aware of the need for collecting more data to measure progress, yet too much raw data can make it difficult to analyze and produce actionable insights.
“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,” said lead angel investor Pierre Weimerskirch.
“We typically ask for some basic information on revenue, burn rate, cash in the bank, and other key KPI's on a monthly basis from our current portfolio of 38 companies, so that's a lot of points to make sure we chase. As our portfolio grows, we think Rundit will be a vital asset that will allow us to quickly identify companies who need assistance and also compare across all our investments,” said Oliver Hammond, Associate at Fuel Ventures London.
“Getting quarterly reporting data from our portfolio companies required sending them an Excel template and receiving each company’s data in a separate file. With Rundit, all the portfolio companies report on the same platform. This way, we are also able to make comparisons between portfolio companies directly on the Rundit platform,” said Kristiina Lunnas, CFO & Operations Director at Inventure, one of the investors behind leading Nordic food delivery company Wolt, who has raised €267M to date.
To date, Rundit has raised a total of €1.6M in funding. The company has customers worldwide in 28 countries, including over 300 VCs whose portfolio companies are valued from pre-seed to unicorn.