ALT/AVE secures £535k in pre-seed funding and an Innovate UK grant to develop its docStribute platform
The London based RegTech startup raised capital from a group of finance veterans and Innovate UK to expand its paperless document distribution technology.
ALT/AVE is a London based regulatory technology startup that builds distributed ledger solutions to reduce paper waste in banking. Its core product docStribute helps financial institutions distribute regulated documents securely and sustainably.
London based regulatory technology startup ALT/AVE has secured £535k in a combined pre seed investment and Innovate UK grant. The funding comprises £387k in pre seed capital from a syndicate of seasoned finance executives alongside £148k awarded through an Innovate UK Smart Grant. The capital will support the ongoing development of the company's docStribute platform and fund expansion into new markets beyond financial services.
From the founder
"At ALT/AVE, we have all worked in financial services and we saw first-hand how much paper is wasted in banking. How banks communicate with customers is closely regulated – for good reason – however, institutions are so fearful of non-compliance that modern technology is wildly underutilised. Ultimately, this means the sector continues to waste paper, and have a negative impact on our planet."
Chris Ansara
Founder and CEO at ALT/AVE
Investor perspective
"The financial sector constantly adapts to challenges and it’s that ability – to overcome – that makes it the bedrock of the global economy. One such challenge is how to reduce the sector’s carbon footprint, something we all have a responsibility to do. The way that ALT/AVE have harnessed the potential of distributed ledger technology to create docStribute, shows there is another way possible in how financial institutions communicate with their customers."
Brian Guckian
Head of Equities, Brian Guckian
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Innovate UK
Phil Shelley
Jens-Peter Stein
Philipp Eberle
Brian Guckian
Brian Guckian
Jon Gausen
Preben Ramm
Peter Landin