A new start-up is trying to modernize the investor relations industry to cope with the onslaught of new private investors.
Swedish startup Quartr recently raised $ 4.5 million to help expand its product, which includes recordings of phone calls and financial documents from large companies. Quartr’s investors include Ritholtz Group executives – such as Barry Ritholtz, Michael Batnick and CNBC employee Josh Brown – and former Spotify executive Peter Sterky.
The 23-employee company was founded in 2020 and launched its app earlier this year, said CEO Sami Osman. The company sees its customer base as both retail investors and companies who can use the app and how users interact with it to learn more about investor sentiment.
Osman said the data uploaded will be free for retail investors, but there will also be premium service for businesses.
“We want to close that void where not everyone can buy terminals that can cost up to $ 30,000 a year, and we know a lot of experienced retail investors who want to access this information,” said Osman.
The company’s app is downloadable on smartphones, and users don’t need to create an account or enter personal information to use it.
Quartr has raised more than $ 6 million to date. Osman declined to give the total number of users, but said the company had users from 160 countries with the US being the largest market.