Venture360 offers angel groups an overview of activity, including number of companies and portfolio value.
You just spent months, maybe years, shaping your idea into a startup. You've generated momentum and are confident in what you've produced. Then you hit the road or hop in a plane to meet potential investors only to find out it isn't the right fit.
Rachael Qualls, founder and CEO of Kansas City, Mo.-based Angel Capital Group, has been on both sides. Six years in her current role has given her perspective on the hurdles between entrepreneurs and investors, leading to the creation of a web application that manages deals from start to finish.
Venture360 is a portfolio tracking system for investors and angel groups that aims to simplify the process of bringing together the right people at all stages, updating information, sending documentation and following investments.
"We built it out of our own sources of pain," said Qualls. "There's nothing out there to help manage and close a deal. We're trying to streamline the entire funding process."
Entrepreneurs start the process by entering back-end due diligence that will elicit a score and feedback from Venture360 so those who are ready can meet with the right investors while those who may have work to do can get advice before sitting down for any meetings. To date, the application has helped fund startups Matchpoint Careers, OnCore Golf and Numena Medical.
Once everyone is on board, the application promises to accelerate many of the typical holdups. Documents needing e-signatures go out through the system, cutting down on missed emails and precisely reaching the people who need to be involved. Investors can see who else is investing and what the distribution is for each, which could make it easier to gather the right investors to close a deal.
As a company grows, the founders can stay engaged through the Venture360 application. "We've built an automated system that sends out a reminder to update their financial situation," Qualls said. It lets investors stay on top of any needs the startup may have, their successes and failures. It also puts all of their investments in one place, regardless of the type of deal.
AngelList and Gust are two products in the market that have helped entrepreneurs secure funding, but Qualls said Venture360 is designed with the investor in mind. "Our platform is the step after AngelList when an investor wants to take a deeper look at a company with the intention of funding," she said.
Angel Capital Group initially used the application—built by CTO James Pierce—in house, but Venture360 was recently opened up nationally to all angel investors. A white label option is available, as well. The group will launch the product at the Angel Capital Association Summit April 17-19 in San Francisco.