DeckMatch, a Norwegian technology platform transforming the way that VCs handle and evaluate inbound startup pitches, has raised a €1 million pre-seed round co-led by Alliance VC and Skyfall Ventures. Other participants in the round include serial entrepreneur and Copenhagen-based super angel, Nicolaj Højer Nielsen.
Co-founded in 2023 by Leo Gasteen (CEO) and Walid Mustapha PhD. (CTO), DeckMatch is currently in a closed beta testing period with over 60 VCs, and will use the funding to further develop its AI and machine learning capabilities, make improvements to its data analysis algorithms and infrastructure, and scale its operations.
Leo Gasteen, co-founder of DeckMatch, commented: “We envision a future where decision-making processes in venture capital and other industries are data-driven, meaning more time is freed up for more strategic, creative, and human-centric endeavours, such as decision-making and relationship building. When we look at VC, the shift from pen and paper to Word and Excel is probably the most seismic shift the industry has felt to date. We see a curious juxtaposition of VCs being the backers of change, whilst seemingly being immune to change and disruption. We thank our investors for this early investment, which will enable us to enhance and further develop our product, and scale our team.”
By automating the analysis and categorization of pitch decks, and providing personalised insights, DeckMatch allows VCs to save significant time and effort but also ensures they do not miss any potential investment opportunities. It also generates AI-generated pitch feedback and insights for startup founders, enabling them to continually improve as entrepreneurs.
Despite VCs being responsible for providing crucial backing for some of the world’s most innovative companies, the industry itself works the same way as it did when it borrowed the legal profession’s structure in the 1950s. Associates are responsible for carrying out pedestrian, time-consuming and uninspiring routine work. This includes manually sifting through the huge number of inbound pitches they receive from startup founders as they seek to find diamonds in the rough.
Once an Associate has identified a company with potential they must build a relationship with the founding team, but this takes up time and energy that is currently being spent on manual tasks that can be automated through AI.
Arne Tonning, from Alliance VC, added, “We are big believers in the potential of DeckMatch to make VC firms not only more efficient and data-driven, but capable of making better investment decisions. We are delighted to back Leo, Walid and the rest of the DeckMatch team as they build a technology platform that will bring genuine innovation to the VC industry and beyond.”
Initially focusing on VC firms, but with plans to expand to other industries such as recruitment and procurement, DeckMatch’s technology helps organisations make sense of the vast amounts of data and information that they receive, and for VCs focuses on the mundane and routine tasks to streamline the evaluation process by automating deck analysis. VCs receive customised, data-driven insights to help them evaluate their deal flow and make better-informed decisions at scale.
It only surfaces the most relevant opportunities by analysing pitch decks for the stage, sector and model of a business, the problem it’s solving, its scalability and opportunity size, and the founders’ experience and domain expertise. If DeckMatch’s AI analysis concludes that a startup is relevant based on the different criteria that every VC has, it will share the opportunity with the investment team. These investors, because of DeckMatch’s automation, have more time, headspace and focus to build meaningful relationships with founders and back the tech unicorns of the future.
Preben Songe-Møller, from Skyfall Ventures, said, “At Skyfall, we invest in companies that provide solutions to real problems, and DeckMatch is exactly that. Its technology directly addresses a crucial pain point within the VC industry, with mundane tasks reducing the amount of time investors have to make real, meaningful relationships with founders. As early-stage investment continues to grow, we are excited to support DeckMatch as they create a new landscape of investment decision-making.”