The founders of Wisr, Sythetix and Zip are among the backers in a $2.3 million raise for investment technology startup Fresh Equities.
The round was led by Archangel Ventures, and includes Flying Fox Ventures. Zip co-founders Larry Diamond and Adam Finger, Wisr CEO and founder Anthony Nantes, and Synthetix Coin founder Kain Warwick, are now also stakeholders. Nantes will be an advisor to CEO Ben Williamson.
The capital is earmarked to establishing an underwriting business, and expand the company’s technological capabilities, introducing features to the platform that help small-cap company leaders understand and interact with investors directly to help grow their market capitalisation.
Williamson and Rhys Davis co-founded the venture in 2017, and the business has given investors access to ASX 100 companies in opportunities normally reserved for large funds as well as helping out its own backers, such as Wisr and Zip.
Fresh has worked on over 1,000 transactions, providing companies access to a combined total of $450 million. The company has seen its bid volume grow 15x in two years.
Williamson said they entered the market at the perfect time, with investors were frustrated by the traditional, closed room approach to raising capital.
“Hundreds of thousands of new investors have entered the market over the last two years through existing and emerging trading platforms. Meanwhile, existing investors increasingly want access to more opportunities. This fragmentation of investor attention means companies need to think differently to connect with their investors,” he said.
“Fresh also addresses the need from ASX-listed company leaders for a deep, transparent, and tech-powered means of raising capital. With these funds, we will be expanding our already considerable proprietary data pool and technology to help match investors with companies. In fact some executives that have used us asked to come onto the register; it’s a fantastic vote of confidence in Fresh.”
Wisr boss Anthony Nantes said he was looking forward to offering additional support to Williamson and Davis as an advisor.
“They approach building a successful, high growth company in the right way and are avid learners, passionate about the space they are in and the change that Fresh Equities can make in the industry,” he said.
“They’ve built a great platform, with impressive metrics to date, and with this capital injection, I’m excited to see what they will go on to build in the coming years.”