Most U.S.-based tech investors are likely familiar with smaller-ticket investor marketplaces AngelList and Carta. In Europe, Germany’s Bunch and the UK’s Vauban (acquired by by US-based Carta last year) have attempted to do similar job. But the back-story to this is that although launching many years ago, AngelList struggled with Europe’s regulatory environment.
UK Angel investor marketplace startup Odin has been operating pretty much publicly for the last 18 months, albeit in a mostly invite-only manner, but could possibly said to be Europe’s real answer to AngelList.
It’s now going fully public and announcing a $3m seed funding raise, backed largely its own community of angel investors, but also taking investment from VC fund Hatchand the family offices O’Shaughnessy Ventures, Material V and IPQ Capital.
Angel syndicates, founders and VC’s use Odin to raise money from their own networks. The platform says it handles legal, banking, payments and KYC/AML, among other aspects of startup fundraising. It’s also planning to launch a marketplace for angels to discover different syndicates and funds.
Mary Lin, co-founder and CEO of Odin says 5,000 people have invested via the platform in startups and VC funds across Europe, Asia & the US, with 300+ companies receiving investment, mainly at pre-seed and seed.
Investors can invest in startups with small amounts, from around $1,000 via the platform. Odin then turns the Angel investors into a single legal entity. Odin’s business model is to charge fees for administration, while founders, Angel syndicates and VCs pay a fixed fee, plus a percentage of funds raised. Odin says Angels have been able to use the platform to invest alongside VCs such as Founders Fund, Andreessen-Horowitz and Index Ventures.
The majority of Odin’s business comes from the UK, but it’s also possible to use it from continental Europe, where the platform aims to grow further.
The startup claims almost 250 angels have backed Odin, including Sarah Drinkwater (Atomico Angel, ex head of Google Campus), Matt Penneycard (co-founder of Ada Ventures), and June Angelides MBE (VC at Samos investments).