TALLINN, Estonia. May 26, 2015. Funderbeam, the subscription service for startup intelligence, has raised €500k from new and current angel investors, taking the two-year-old company to €1.1m in total funding. New investors include UK-based Rockspring, headed by David Gammon, and Jaan Tallinn, co-founder of Skype and noted thinker on artificial intelligence.
Led by the former CEO of Nasdaq OMX Tallinn Stock Exchange, Funderbeam is a subscription service for discovering, tracking, and analyzing startups. At its heart lies data intelligence that, together with blockchain technology, will soon lubricate a new kind of marketplace for investors in private companies.
In building a startup marketplace on top of its data product, Funderbeam aims to clear three major hurdles that angel investors face. It will automate the creation of investment syndicates, bring liquidity to investors by enabling an aftermarket, and cuts bureaucratic friction in the process.
“We started by cleaning up messy startup data so we could create models and algorithms for meaningful analytics. The resulting intelligence is available to our subscribers today. But the journey has just begun,” said Funderbeam founder and CEO Kaidi Ruusalepp. “For a winning marketplace, blockchain and other technologies need to be combined in extraordinary ways — with big data, finance and regulatory know-how mixed in. Now that we have visionary backers on board, we’ll get there a whole lot faster.”
“Angel syndicates have been around for a while, but creating and managing them is still painful,” said Urmas Peiker, Funderbeam cofounder, former financial regulator, and compliance lawyer. “Also, as startup investors know, once you’re invested, you’re in for many years — praying for that magical exit down the line. 21st-century secondary markets don’t exist. Yet.”
New investors in Funderbeam include Jaan Tallinn and Rockspring. Both were early investors in London-based AI company DeepMind which was acquired by Google in 2014 for more than $500m. They also hold stakes in Fleep, the messaging service that merges emails and chat messages.
“The method of funding private companies is terribly antiquated,” said Skype co-founder Jaan Tallinn. “We’ve landed a probe on a comet billions of kilometers away. It’s ridiculous that we can’t properly invest and trade in startups online. Funderbeam is well-positioned to deliver just that. I’m impressed by how the team has dedicated their experience in tech and financial markets to bringing private-company investments to the internet age.”
“Funderbeam has done a rare thing by providing clean and detailed comparative data on startups,” said Rockspring CEO David Gammon. “I can’t wait to see them marry this data to a marketplace platform and the resulting benchmark indices. Understandably, the team is tight-lipped when sharing details in public. But I’ve met the team, share their vision, and am happy to put our money where Funderbeam is.”
Author: Villu Arak
Originally posted by Funderbeam on 26th of May 2015