When investing in funds, the investor needs to know that due diligence has been carried out. There are also legal and legislative requirements. “The current process is full of manual labour”, explains Rob Sanders, cofounder of Door. “It’s prone to error and it means that two thirds of Fund Investor’s time is spent collecting data and not enough time analysing it”.
Working with Nova, the cofounding team created a digital interface where you can access up-to-date, standardised fund due diligence information. After only 2 years, Door is now being utilised by over 180 financial institutions to meet their internal and regulatory standards. In 2017, the company was valued at £10 million.
How Nova Helped
As well as building the complex technical solution, Nova delivered a wide array of services from problem exploration to post-launch support.
Key services included:
Recruitment of a guidance panel
Working with early adopters
Nova and the founders took the valuable insights gained and used them to design and deliver an MVP (Minimum Viable Product). This eventually led to a fully fledged software as a service offering.
Valued at £10m
Utillised by over 180 financial institutions
100s of funds assessed
“Nova provided the tools and support, so we were extremely fortunate”
Rob Sanders, cofounder of Door.
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