Eric Woo and Chris Shen, CEO and COO of Revere – a Bay Area-based, self-proclaimed turnkey asset management platform for venture capital – launched their own company in 2020. Since then, they changed the business plan three times.
“When you start something new, you have to force yourself to pivot if something doesn’t work out,” Woo said.
They eventually landed on Revere, a company they hope will help democratize venture capital by providing news, market data and ratings to investors so they have a better idea of what’s going on. on the market.
Woo said they consider Revere the Morningstar of venture capital. “What they do in terms of ratings, real intelligence and market data for fixed income investors, equities, etc., we do for venture capital,” he said. Explain.
Both founders come from the investment world.
Woo worked on the fund side of institutional investors before joining Angelist, one of the world’s largest angel investment platforms. Shen, meanwhile, spent 13 years in Asia working in corporate finance mergers and acquisitions, five of them leading a multibillion-dollar family office. Shen said even as the co-founder of a family with billions in assets, he struggled to access brand names.
“It kind of lit the light bulb, so to speak — if I had this problem, there must have been other dispatchers, advisors and investors going through the same thing,” Shen said.
The company offers tiered offerings for advisors and investors. For advisors or sophisticated investors who want actionable insights, Revere will research them, perform due diligence and create stock reports for advisors to share with clients.
For customers who want more, however, Revere offers a full-service solution.
“We are the first TAMP for venture capital,” Shen said. They have a rating report, fund menu, and a full-service business solution. “Like Vanguard, we step in, we advise, we help, and we become a sub-advisor for something that’s a little more bespoke to their clients,” Shen said.
On the ratings side, the firm has around 150 funds in its pipeline, of which around 64 have been fully vetted and rated. Woo said the company also has four thematic funds that can be purchased commercially, and he added that they have also created bespoke mandates for a few TAMPS, family offices and asset managers.
The company recently closed a seed funding round led by Cherubic Ventures – with participation from Overlay Capital, Oyster Ventures, Benhamou Global Ventures and MDSV Ventures – for $4 million.
The inaugural RIA Intel Awards are a celebration of financial advisors, wealth management firms and industry leaders. Winners will be announced on RIAIntel.com on September 14, 2022 and will be honored in person at upcoming RIA Institute Forums.