N.B. FinTech Company Receives $360,000 Investment for Equity Valuation Software
MIRAMICHI- A financial technology company out of Miramichi is receiving $360,000 in investment.
Patchell Brook Equity Analytics’s funding round includes contributions from the New Brunswick Innovation Foundation (NBIF), which is contributing $150,000, the Miramichi Technology Fund, Technology Venture Corporation, and a number of angel investors.
Patchell Brook’s StockCalc software takes the uncertainty out of equity valuation for publicly traded companies. The software can produce 8,000 valuation reports each night, as well as 800 ETF reports and 146 industry reports each week. Most recently, StockCalc has introduced a new API, which allows users to create more valuable reports and programs.
“The big thing about this investment that intrigued us is that they’ve developed an API which is attracting large customers. With the new API, there are opportunities to begin embedding that software in other FinTech tools,” said NBIF investment analyst Daniel Hoyles, in a release. “They also have a strong early adopter customer relationship with the Globe and Mail, and they just keep continuing to build interest from other large customers.”
Patchell Brook was founded in 2013 and is led by a team with deep roots in both the business and technology fields. The company’s CEO, Brian Donovan, was previously executive director of Enterprise Miramichi. Since joining the NBIF portfolio in 2017, they’ve grown their revenue, built a promising pipeline of customers, and completed some additional product development to help scale-up the company.
Patchell Brook will use the investment for additional product development and efforts to support further expansion.
“Over the next year, we’re looking forward to continuing to grow our customer database and improving our platform to make it even more valuable for users,” says Brian Donovan, Patchell Brook’s president.