Finland-based startup Rundit, a platform for portfolio management and monitoring, has raised € 1 million in seed funding.

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.

To date, Rundit has raised a total of €1.6M in funding. The company reportedly has customers worldwide in 28 countries, including over 300 VCs whose portfolio companies are valued from pre-seed to unicorn.

“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,”

says 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 digitised 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to be out there growing their business to become the next unicorns, not submitting cumbersome investor reports with out-of-date tools such as Excel.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,”

continues 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 analyse and produce actionable insights.