Micro-ticket investment platform Odin raises $3m following public launch
Summary
Theres Germanys Bunch (which also raised money from its own angels) and the UKs Vauban, which was bought by US-based Carta last year. Not every angel investor can write $20k+ cheques which founders say tends to be the minimum size required from investors at pre-seed and seed so investing in groups lets individuals pool smaller sums to be able to make that threshold.The two main businesses doing this in the US are AngelList and Carta and were trying to roll out something similar for Europe, says Odins cofounder Patrick Ryan. But we think the communication aspect is more important especially in Europe because the market is so fragmented.Odin allows users to email potential investors from the platform to keep track of whos invested and who hasnt, whos signed legal documents, whos committed to invest but hasnt sent the money.Odin thinks that by making it easier for angels to invest even with \xa31,000, theyll see more diversity.A lot of deals [at pre-seed and seed] have a minimum ticket size of like \xa320k and that increases at Series A, says Ryan. While its not directly comparable, women-only teams in Europe raised only 1% of overall capital in 2022.In the next 12 months, Odin will look to roll out a marketplace for people raising money to find investors.That will eventually be another source of income for the startup as Odin would charge a share of the profits on an exit of investments through its marketplace. Launching the marketplace would make those groups of investors discoverable on the platform.The startup also plans to double down on helping people raising funds collaborate with their investors post-investment, for example by allowing them to send out announcements and updates.Scaling in Europe is also on the cards over the next year, with France and Germany key markets.