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Atom Finance

Atom Finance, a new media and financial technology company, has raised $10.6 million in a Series A round, executives tell Axios. The company had previously raised $1.9 million in an unreported seed round in February.

The big picture: The news and analysis market for high-end individual investors has been difficult to corner. While there are pricey solutions for big enterprise companies, like the Bloomberg Terminal, and free solutions for casual investors, like Google Finance, Atom execs argue that there isn't one company that truly owns the middle.

Details: The round, led by General Catalyst, brings the company's total funding to $12.5 million. General Catalyst’s Peter Boyce will take a seat on the company's board.

  • "Not everyone is sitting in an environment where an enterprise subscription makes sense," Boyce tells Axios. "But people want functionality above and beyond free resources."
  • Boyce also says that the timing of the product is ideal. If the country's economy were to take a downturn, "access to financial information becomes as important if not more so ... It prove to be an opportunity in terms of new customers that want more robust tools than they otherwise had."

The money will be used to scale Atom's engineering team and to hire out more people to expand its product and marketing operations, according to Eric Shoykhet, CEO and founder of Atom.

  • The company is looking to differentiate itself from the growing pool of financial media products by providing more powerful data visualization tools and a more seamless customer experience.
  • Other investors for the series A round include Greenoaks, Global Founders Capital, Untitled Investments, Mail.ru and Lachy Groom. Lee Fixel, and Zach Weinberg & Nat Turner joined the Series A investors in the seed round earlier this year.

By the numbers: The company has had over 80,000 sign ups since its public beta launch in June.

  • For now, the beta version of the app is free. Eventually there will be a monthly subscription fee that aims to be cheaper than the enterprise subscriptions out there, but more robust that some of the premium individual subscriptions that exist.
  • "We aim for pricing which is a fraction of the institutional platforms (which are typically $6-12k a year)," says Shoykhet. "We strive to have superior functionality and ease of use for something in the $100-700 a year range, and we will keep a free tier."

Yes. but: The competitive landscape for financial services media continues to grow.

On the consumer side, Yahoo Finance launched a subscription product for retail investors in April for $49.99 per month.

  • It had 61.8M monthly unique viewers in August 2019, per Comscore. The company hasn't disclosed how many people pay for its premium subscription product.
  • Other free investor tools and stock screeners like Finviz and MarketBeat have also created consumer subscriptions. Finviz offers an "Elite" plan for $39.50 per month. MarketBeat offers an "All Access" subscription for $39.97 per month.
  • Free sites like Google Finance and StockCharts also offer investors free tools.
  • Robinhood, Freetrade and others offer mobile-based trading, but don't exactly compete with these tools, as they invest less in news and information around stocks.

On the enterprise side, several companies have launched to compete with the Bloomberg Terminal, which is the incumbent in the space. The terminal reaches 325,000 people, according to Bloomberg.

  • Sentieo, an AI-based financial research tool, raised $19 million last year "to be the AI-powered Bloomberg Terminal," per TechCrunch.
  • Thomson Reuters' Eikon is the next biggest competitor to Bloomberg. Bloomberg reportedly owns about 1/3 of the financial data marketplace, while Eikon controls about 23%.
  • S&P Capital IQ, Money.net, and Factset all offer enterprise subscriptions at price points that are less than the Terminal and Eikon.

What's next: The company plans to launch a native mobile app later this year. 

Go deeper

Chris Cuomo accuser: On-air "hypocrisy" spurred report

Journalist Chris Cuomo. Photo: Gilbert Carrasquillo/GC Images

A woman who accused fired CNN journalist Chris Cuomo of sexual misconduct said Sunday she decided to come forward after learning of his comments about women who made similar accusations about his brother. He denies her allegations.

Why it matters: Her attorney Debra Katz said in a statement that she heard "the hypocrisy" of his on-air words about his brother, former New York Gov. Andrew Cuomo, and was "disgusted by his efforts to try to discredit these women," so "retained counsel to report his serious sexual misconduct against her to CNN."

Updated 4 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: CDC director says number of U.S. Omicron cases "likely to rise" — Two years of COVID-19 — Prior coronavirus infections may not protect well against Omicron.
  2. Vaccines: Data demonstrates most-vaccinated counties less vulnerable to worst of COVID — Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate.
  4. World: Vaccine mandates lose steam in the U.S. while Europe doubles downWHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming.
  5. Variant tracker: Where different strains are spreading.

Vulnerable Democrats: Less Trump talk

Illustration: Aïda Amer/Axios

Vulnerable House Democrats are convinced they need to talk less about the man who helped them get elected: President Trump.

Why it matters: Democrats are privately concerned nationalizing the 2022 mid-terms with emotionally-charged issues — from Critical Race Theory to Donald Trump's role in the Jan. 6 insurrection — will hamstring their ability to sell the local benefits of President Biden's Build Back Better agenda.

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