Quiver Quantitative Inc. — a fintech platform that says it's bridging the data gap between Main Street and Wall Street investors — has raised $2 million, the Madison startup said Wednesday.
The round was led by Allos Ventures, which has offices in Cincinnati and Indianapolis. Other participating investors were Chicago's M25; Kentucky's Connetic Ventures; Bascom Ventures, Lancaster Investments and the Wisconsin Alumni Research Foundation in Madison; and the Idea Fund of La Crosse.
Quiver Quantitative provides retail investors with dashboards of alternative data — information not found on financial statements — that could inform investment decisions. Examples of alternative data include stock trading activity among U.S. Congressmen or Reddit discussion topics.
According to Quiver, institutional investor use of alternative data like credit card transaction history and social media data has exploded, while non-professional investors haven't had access to such information.
"Quiver is uniquely positioned to support the recent surge of retail investors that are looking to be better informed and have deeper access to research tools in their investment decisions," Allos Ventures partner David Kerr said in a statement. "Additionally, financial institutions looking to stay ahead of the game are seeking out Quiver for their unique alternative datasets.”
The fintech startup said it will use the new capital to accelerate retail user growth; it currently has more than 300,000 registered users. It also plans to add new proprietary datasets to its platform, and bring advanced backtesting and analytics capabilities to its existing offerings, the company said.
Founded in 2020 by twin brothers James Kardatzke and Christopher Kardatzke, Quiver Quantitative previously raised $625,000 in pre-seed and seed capital led by the Idea Fund of La Crosse.
Quiver Quantitative launched its free app in July 2021. It primarily monetizes by distributing its application programming interface (API) to enterprises, allowing them to automatically display Quiver's data on their sites, Christopher Kardatzke previously told Wisconsin Inno. Financial services companies including Seeking Alpha have integrated Quiver datasets into their products, according to Wednesday's announcement.
James Kardatzke was featured on Wisconsin Inno's 2020 Inno Under 25 list and Christopher Kardatzke made the 2021 Inno Under 25 list.
