Thinknum, a financial tech startup that develops tools for analysts, announced today that it has raised $1 million in seed funding led by Pejman Mar Ventures (an investment firm that has also seeded companies like Dropbox, Zoosk, and Lending Club), with participation from Signature Capital; Green Visor Capital; 500 Startups; 645 Angels; and HKB Capital. The funding will be used to add more software engineers to support Thinknum’s growth.
Founded in 2013 by Gregory Ugwi and Justin Zhen, Thinknum wants to free financial analysts from the confines of spreadsheets and give them better tools to value companies, with improved access to key data and an environment designed to allow sharing and collaborating on models, instead of emailing spreadsheets back and forth. Ugwi and Zhen also hope to expand into emerging markets to give analysts who are disconnected from the global investment community access to improved financial tools.
For more information about Thinknum, read TechCrunch’s in-depth profile of the startup from March.
Since TechCrunch profiled Thinknum, the platform has improved its user interface and launched “private workspaces,” a feature that lets users keep their work private or collaborate with other analysts, for a monthly subscription fee of $200. The company also released a portfolio tool for analysts that allows them compare thousands of companies at the same time and apply specific metrics and financial models to them. Zhen says that the number of models Thinknum users have created have gone up 200% and the platform now has coverage for 92% of all US companies.
“Greg and I started Thinknum because we saw no solution for managing our own user generated content while we were analysts on Wall Street. Traders and analysts currently use ad-hoc spreadsheets for building models. Thinknum is the first web platform for financial modeling. We are disrupting the $25 billion financial data industry,” said Zhen.