Hockeystick.co, a Toronto, Canada-based provider of a financial data platform for funds, raised $600k in seed funding.
Backers in this first outside capital raise included from US and Canadian investors such as LaunchPad Venture Group, BDC Capital, York Angels and Spark Angels. The majority of investors are customers of the platform.
The company is using the funding to grow its data science team and to add new data integrations to its platform.
Incorporated inNov ember 2014 by Raymond Luk, CEO, and Clint Sieunarine, CTO, Hockeystick provides private equity funds, lenders, private companies with a financial data platform that allows investment funds to capture private company data and measure portfolio performance, a process that usually takes an army of interns and Excel with incomplete results.
To reverse this trend, the company’s platform helps funds get the financial data they need from portfolio companies to get a clear picture of their performance and to deliver reports to LPs by taking data from Excel, Web forms, documents and accounting software like Quickbooks and transforms it into structured data that can be used by funds.
To date, over 10,000 private companies have adopted the platform, as well as both debt and equity funds.