SaaS startup FeedStock raises £2.5 million in venture capital
FeedStock, the AI-driven SaaS business, has secured a £2.5m investment in a funding round led by Manchester's Praetura Ventures.
The startup leverages the latest natural language processing (NLP) technologies to enable financial services companies to meet both their compliance requirements and commercial goals.
FeedStock, founded in 2015, is run by Co-founders and joint MDs Charlie Henderson, a former corporate broker; and Lucas Wurfbain, previously a fund manager (both above). Based in Covent Garden, FeedStock operates across multiple jurisdictions with clients in the US, Europe and UK.
It streamlines compliance requirements, cost control measures and revenue generating activities by analysing communication streams, providing data that helps businesses make smarter decisions and meet regulatory requirements. Its Cortex product scans emails, chats, calendar events and research portals - ensuring compliance with investment research regulations imposed by MiFID II, landmark legislation introduced by the EU in 2018.
Praetura Ventures, which backs early-stage businesses in high-value sectors, has invested £1.8m from its EIS 2019 Fund. Illuminate Financial, Force Over Mass, and angel investors contribute a total £700,000 to the total.
Mark Lyons, Praetura Venture's Director, becomes a Non-Executive Director at FeedStock as part of the investment.
FeedStock Co-founder, Charlie Henderson, said: “With our background in highly regulated businesses, we are seeing enormous appetite for our proprietary technology.
“Financial services firms recognise that investing in their compliance and technology is key to winning and retaining the trust of customers and investors. These businesses also understand the importance of analysing data to power smarter decisions ahead of their competitors.
“It’s clear to us that the team at Praetura Ventures understand the opportunities and challenges in our sector, and also understand the potential of where we can take the business. Their entrepreneurial and proactive approach resonates with our values and they will help us to successfully deliver our growth strategy. We are looking forward to working with them closely.
Mark Lyons, Director at Praetura Ventures, said: “Our support for FeedStock fits well with our strategy of investing in exciting businesses led by entrepreneurial management teams with experience in high-value sectors.
“AI is beginning to disrupt financial services in a positive way. The most forward-thinking businesses recognise that proprietary software like FeedStock’s will be at the heart of their future business models.
“We’ve been hugely impressed with the experience and vision of Charlie and Lucas and are confident that with our support, the business will deliver on its ambitious growth targets. They have developed a world-class product with significant momentum, and we are very excited about what the future holds for the business.”