Atom Finance raises $10.6 million
Atom Finance , the Brooklyn-based FinTech company building the next-generation investment research platform, announced it has raised a $10.6 million Series A funding round led by General Catalyst, bringing its total funding to $12.5 million. Participating investors included Greenoaks, Global Founders Capital, Untitled Investments, Mail.ru, Lachy Groom, Lee Fixel, and Zach Weinberg & Nat Turner. With this round of funding, General Catalyst’s Peter Boyce will take a board seat with the company.
The latest round of funding will allow Atom to scale up its internal engineering team and bring on experienced members for growth, product marketing and operational functions. Atom’s public beta has shown great promise, with over 80,000 sign ups since its launch in June. The company is focused on adding new advanced features, as well as preparing for the launch of its native mobile app, due later this year.
“Right now investors are stuck between researching via overpriced, clunky institutional platforms or through low quality retail investor websites. We believe there is an opportunity to build a best-in-class investment research platform that caters to both sophisticated professionals and the mass market,” said Eric Shoykhet, Founder and CEO of Atom Finance. “We have an ambitious product roadmap and look forward to working with the team at General Catalyst. They’ve got deep experience in building trusted brands in fintech and the resources needed to help us reach meaningful scale.”
“Eric and the Atom Finance team have thoughtful design and customer-centricity at their core,” said Peter Boyce II, principal at General Catalyst. “There’s a real opportunity for them to build a new innovative and enduring platform at the intersection of technology and finance. We’re excited to back this team and to be doing it in the epicenter of finance: New York City.”
Atom’s platform, available at https://atom.finance, offers an ever-growing arsenal of powerful research and portfolio monitoring tools to anyone. The sleek user interface is optimized for productivity and works across devices. It offers a trove of institutional-quality data, documents, news, and events for companies, and allows for easy aggregation and comparison. Atom continues to add features that rival costly institutional products, such as the ability to search for keywords across all documents at once, and build financial models without the need for Excel. Users will soon be able to link multiple brokerage accounts to track and analyze their portfolio in real time.
“Institutional products are inaccessible to individuals due to their price point, and retail investing sites tend to focus more on serving ads than on the content itself. In both scenarios, the user experience has largely been an afterthought. We believe we can provide that same institutional-quality experience to everyone. We want to do it in a platform that’s straightforward and delightful to use, whether you’re a seasoned investor or just starting out,” said Adam Baitch, Product Lead at Atom Finance.