Aerotruth, a software startup that speeds up and streamlines the B2B partnership process for fintechs and banks has raised $1.3 million in an oversubscribed Seed round.
The raise was led by Archangel Ventures, with participation from Afterwork Ventures, Black Sheep Capital, Change Com, Cut Through Angels, Spring Capital and Unlock Capital.
The Software-as-a-service company launched globally in May this year, and currently has more 40 financial institutions in 25 countries on a single plug-and-play platform. Alongside facilitating initial partnership introductions, Aerotruth simplifies the document exchange and communications process to accelerate the pathway to revenue from partnerships.
Funds raised will be used to further accelerate Aerotruth’s global growth plans, in addition to expanding the capabilities of the current product.
Cofounder and CEO Michael Liu said users have also shortened onboarding processes by months, and many have sourced and completed partnerships with others on the platform.
“I am delighted with the quality and experience of the investor group we have assembled. Our investors share and support Aerotruth’s vision of being the pre-eminent online partnership tool for the global financial services industry,” he said.
“With this latest round of funding, Aerotruth looks forward to implementing more technology to further improve the partnering process for our customers.”
Archangel Ventures managing partner Ben Armstrong said that have spend a lot of his career in business development building revenue-generating relationships, Aerotruth was a great solution to the challenges he’s faced.
“We immediately saw the opportunity to bring more technology to solve this multifaceted problem in the financial services vertical,” he said.
“Aerotruth proved they can help some of the largest fintech players across the globe solve these problems while operating a distributed team out of Australia, New Zealand and Asia.”
It was also the first deal by new investment syndicate Cut Through Angels, led by partner Simon Mckendry.
“Aerotruth received overwhelmingly positive feedback from our angel members, especially those working for larger companies and in professional services,” he said.
“Partner onboarding is a terror of corporate life, but Aerotruth makes it tolerable”