Edda raises $5.8 million for investment management software

  • Paris-based Edda has raised $5.8m from investors including Tony Fadell’s fund.
  • The startup aims to provide an alternative to Microsoft Excel for VC and PE investors managing portfolios.
  • Check out the 16-slide pitch deck Edda used to fundraise.

In the world of private markets, Microsoft Excel has long reigned supreme as the tool to use to manage portfolios and investments. But one startup thinks its days are numbered.

French startup Edda has raised $5.8 million in new funding to develop its collaborative software designed for professional venture capital and private equity investors with the aim of disrupting the way they oversee billions of dollars in assets they have under management.

For Clément Aglietta, founder and CEO of Paris-based Edda, there was an obvious irony that private investors such as VCs invest in “super high tech” startups, but end up choosing to use “very old” tools and processes for themselves.

“With Excel, of course, you can do your calculations, you can do your calculations, but once you need to share information – to pull that data out of Excel – it’s actually very, very painful,” said he declared.

To address this, Edda created a design-driven platform that is designed to combine portfolio company information and deal flow in one place, while bringing together key stakeholders such as LPs to allow more transparency and communication.

“When you’re managing a fund, of course there’s your team, but there’s also all the people around you, there’s your LP, the founders of the company, the LPs,” Aglietta said. “That’s why you need a tool that helps you manage this whole ecosystem.”

Through its online platform or mobile app, investment team members such as analysts, CFOs and partners can work together in one space to ensure that betting information on the funds are secure and current.

The platform can capture all public information about startups from sources like Crunchbase and Pitchbook and automatically syncs with other services like Dropbox to bring floating materials together in one place.

“Edda was designed to take alternative asset investing to the next level, connecting the ecosystem to realize the greatest investment value beyond financial gains,” said Aglietta.

Currently, the startup has over $22 billion in assets under administration with over 100 clients in 26 registered countries, including Amazon Industry Innovation Fund, BPI France and Headline.

The funding was raised from several investors, including Future Shape, the fund of former Apple designer Tony Fadell, as well as Mucker Capital, Plug&Play and FJ Labs.