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YC grad QuotaBook raises $11M to scale its equity management platform – TechCrunch

QuotaBook, a Seoul-based equity management platform, has raised $11 million in funding led by Elefund with participation from Access Ventures, Hana Securities and South Korean fintech Viva Republica. Some of his previous supporters, including Draper Associates and Capstone Partners, joined the round.

The Korean startup, which completed the Y Combinator (YC) Winter 21 batch, was founded in 2019 by former venture capitalists Andy Choi, Dan Hong and Pilseon Jun. Choi, the company’s CEO, said in an interview with TechCrunch that in their capacity as investors, the three found that startups in Korea and many other Asian countries still rely on Excel when preparing their cap charts, stock options Manage , stakeholders and other related information.

This meant that the supporters of the startups were forced to understand these tables as well. “VCs were stuck with Excel spreadsheets or very old enterprise resource planning (ERP) tools that were so old that they weren’t web-based and could only be installed on Windows machines,” Choi said. “It became a very annoying and error-prone process in which startups and investors regularly exchange important stock data and company information via document attachments or text messages.”

Everyone typed in the data manually because investors and startups had different formats and again had to do double checks from both sides, Choi told TechCrunch.

“I had a case where the startup didn’t provide their most recent Excel spreadsheet with cap spreadsheets for more than two months, making it difficult for us to update our investment valuations and returns that had to be reported to us LPs,” Choi said.

QuotaBook will use the recent funding — totaling approximately $20 million — to digitize the stock/fund management process, provide a common standard for security-sensitive data, and enable shareholder and board meetings to be held securely online. In addition, the startup plans to grow its product team, enter Southeast Asia and launch its service to investors in the Middle East, Choi noted. “That [Asian] The market is still very young, which is why we also want to set up local offices or teams in regions such as Vietnam, Indonesia, Singapore and Taiwan.”

The outfit currently employs 45 people, Choi added.

QuotaBook

Photo credit: QuotaBook

QuotaBook claims that it has more than 3,500 startup and investor users on its platform, mostly based in South Korea, where the company was founded. According to Choi, about 40% of startups in Korea use QuotaBook’s service, which enables cap table management. In June, it introduced a restricted stock unit (RSU) management service.

Its SaaS-based platform offers two services: a stock management service for startups that includes cap table management, stock option management, investor reporting, investor approvals, shareholder and board meetings, and a fund management platform for investors that provides fund information. Investment and income management, portfolio management, LP commitment and income management, LP reporting and fund activity analysis.

Its startup users start with a freemium plan. If they upgrade to a plan with more features, they’ll be charged based on the number of stakeholders, such as security and stock option holders, Choi said. Investors are also charged based on their funds’ assets under management and the number of portfolios.

QuotaBook also recently launched a communications platform called QuotaSpace, which focuses on communication and networking between investors and their portfolio companies. Choi said more features are coming as well.

“Once our core business settles down, we plan to explore new business opportunities with the network and data we cover. Assisting in secondary sales and providing data services are just a few examples,” he said.

QuotaBook did not provide its rating when asked. The startup raised its previous funding in June 2021 from Draper Associates, Carta Ventures, Elefund, Goodwater Capital and Scale Asia Ventures.

https://techcrunch.com/2022/08/16/yc-grad-quotabook-closes-11m-to-scale-its-equity-management-platform/ YC grad QuotaBook raises $11M to scale its equity management platform – TechCrunch

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