The Estonian startup intelligence service, Funderbeam, has raised €500,000 from new and current angel investors, taking the two-year-old company to €1.1 million 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.
Funderbeam is a subscription service for discovering, tracking, and analysing startups.
The company aims to automate the creation of investment syndicates, bring liquidity to investors by enabling an aftermarket, and cuts bureaucratic friction in the process.
According to Funderbeam, the company’s team of 12 spent a year of cleaning and organising data, testing models and tweaking algorithms that help triangulate missing information. “It helps people discover and track startups that fit their interests, supported by smart estimates, analysis, and benchmarking of various performance data,” the founders said.
“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.”
The company was built with €650,000 in seed funding and has 70,000 startups and 600,000 mapped competitors in its database.