DeckMatch is an Oslo-based technology platform transforming how VCs handle and evaluate inbound startup pitches. And the company announced recently that it raised a €1 million pre-seed round co-led by Alliance VC and Skyfall Ventures. Serial entrepreneur and Copenhagen-based super angel Nicolaj Højer Nielsen also joined the round.
Leo Gasteen (CEO) and Walid Mustapha, Ph.D. (CTO), co-founded this year. And DeckMatch is currently in a closed beta testing period with over 60 VCs and will use the funding to develop its AI and machine learning capabilities further, improve its data analysis algorithms and infrastructure, and scale its operations.
DeckMatch enables VCs to save significant time and effort and ensures they do not miss any potential investment opportunities by automating the analysis and categorization of pitch decks and providing personalized insights. It also generates AI-generated pitch feedback and insights for startup founders, enabling them to improve as entrepreneurs continually.
Even though VCs being responsible for providing crucial backing for some of the world’s most innovative companies, the industry worked the same way when it borrowed the legal profession’s structure in the 1950s. And associates carry out time-consuming and uninspiring routine work. This includes manually sifting through the vast number of inbound pitches they receive from startup founders as they seek to find diamonds in the rough.
Then after an associate has identified a company with potential, they must build a relationship with the founding team, but this takes up time and energy currently being spent on manual tasks that can be automated through AI.
Initially focusing on VC firms, the company has plans to expand to other industries, such as recruitment and procurement. DeckMatch’s technology helps organizations make sense of the vast amounts of data and information they receive. And VCs will get customized, data-driven insights to help them evaluate their deal flow and make better-informed decisions at scale.
The company surfaces the most relevant opportunities by analyzing pitch decks for a business’s stage, sector, model, the problem being solved, scalability, opportunity size, and the founders’ experience and domain expertise. And if DeckMatch’s AI analysis concludes that a startup is relevant based on every criterion, then it will share the opportunity with the investment team. Because of DeckMatch’s automation, investors have more time, headspace, and focus on building meaningful relationships with founders and backing the tech unicorns of the future.
KEY QUOTES:
“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 endeavors, 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.”
— Leo Gasteen, co-founder of DeckMatch
“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.”
— Arne Tonning at Alliance VC
“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.”
— Preben Songe-Møller at Skyfall Ventures
