Profitual Closes $1M Round
Summary
"Were excited to invest in this promising New Brunswick-based fintech startup and to join a strong group of investors backing their growth," said NBIF President and CEO Jeff White.Profituals software allows startup founders to upload the spreadsheets containing their financial projections to get an instant analysis of the stronger and weaker parts of their financial models. So early this year, Fitzpatrick, his team and advisers rethought the situation and decided to aim for a $500,000 round, targeting angel investors. This tack was so successful that Fitzpatrick doubled his amended target, closing with two-thirds of what he originally wanted.Fitzpatrick added that the Profitual product resonates with angels because a lot of them grew their own businesses and wish theyd had something similar when they were starting out.The underlying Profitual business is doing well, said Fitzpatrick. They are also producing automated reports that detail the analysis of startups financial projections.Weve built a ton of new features, said Fitzpatrick. Weve built a really good platform to provide a financial forecast that shows how a business is performing compared to its plan.