Fintech startup Patchell Brook raises $360k in funding, NBIF invests

Patchell Brook Equity Analytics, a Miramichi, New Brunswick-based provider of valuation analysis technology, has secured $360,000 in financing.

New Brunswick Innovation Foundation (NBIF) invested $150,000 in the round. The balance was accounted for by Miramichi Technology Fund, Technology Venture Corp and several angel investors.

Founded in 2013 by CEO Brian Donovan, Patchell Brook has developed software, called StockCalc, and other tools that help customers determine the equity valuation of publicly-traded businesses and investment funds.

The company will use the round’s proceeds for additional product development and growth initiatives.

PRESS RELEASE

Patchell Brook Receives $360K Investment for Equity Valuation Software

–Miramichi-based FinTech Company Provides Equity Valuations for Publicly Traded Companies–

MIRAMICHI – The New Brunswick Innovation Foundation (NBIF) announced today it was investing $150,000 in Miramichi-based Patchell Brook Equity Analytics, part of an overall $360,000 round including the Miramichi Technology Fund, Technology Venture Corporation, and a number of angel investors.

Patchell Brook’s StockCalc software takes the uncertainty out of equity valuation for publicly traded companies. The software can produce 8,000 valuation reports each night, as well as 800 ETF reports and 146 industry reports each week. Most recently, StockCalc has introduced a new API, which allows users to create more valuable reports and programs.

“The big thing about this investment that intrigued us is that they’ve developed an API which is attracting large customers. With the new API, there are opportunities to begin embedding that software in other FinTech tools,” says Daniel Hoyles, NBIF Investment Analyst. “They also have a strong early adopter customer relationship with the Globe and Mail, and they just keep continuing to build interest from other large customers.”

Patchell Brook was founded in 2013 and is led by a team with deep roots in both the business and technology fields. The company’s CEO, Brian Donovan, was previously executive director of Enterprise Miramichi. Since joining the NBIF portfolio in 2017, they’ve grown their revenue substantially, built a promising pipeline of customers, and completed some additional product development to help scale-up the company more affordably.

“Patchell Brook was one of the first FinTech companies we invested in, and we’re now seeing the growth we expected when we made our initial investment in 2017,” says Hoyles. “We’re looking forward to seeing more growth as a result of their software’s new API.”

Patchell Brook will use the investment for additional product development and efforts to support further expansion.

“Over the next year, we’re looking forward to continuing to grow our customer database and improving our platform to make it even more valuable for users,” says Brian Donovan, Patchell Brook’s president. “We’re thankful to NBIF for their ongoing support and guidance.”

About New Brunswick Innovation Foundation
Since its launch 16 years ago, the New Brunswick Innovation Foundation, an independent, non-profit corporation, has invested over $100 million in New Brunswick start-ups and researchers and leveraged $457 million more from other private and public sources. Those strategic investments have helped launch over 100 companies and funded nearly 500 applied research projects. Profits from NBIF’s investments go back into the foundation for reinvestment in other start-ups and research initiatives that drive innovation, attract investment and create jobs in New Brunswick. Find out more at nbif.ca.

For Information:

NBIF

Raymond Fitzpatrick, CPA, CMA, Director of Investments

raymond.fitzpatrick@nbif.ca/506-452-2875

Patchell Brook Equity Analytics

Brian Donovan, CEO

brian.donovan@patchellbrook.com/506-622-2160