Two Austin entrepreneurs have teamed up to develop a mobile tool designed to enable individual investors to compare their returns with other like-minded investors.
Brad Lawler and Jason St. Peter plan to launch a beta version of HRVST LLC’s portfolio management mobile application in November. The concept behind it is to enable investors to make decisions with the knowledge of the strategies and approaches used by other top performers.
Last week, HRVST reported raising $550,000 of a planned $1 million financing. The company collected the capital from six investors, according to a filing with the U.S. Securities and Exchange Commission.
St. Peter said a syndicate of angel investors have backed the company and he plans to close the funding round at $650,000.
HRVST, which launched earlier this year, employs just two workers. It enlists several contractors and St. Peter expects to have 10-15 employees by the end of 2015.
The HRVST mobile application aggregates all accounts from an investor in a dashboard. It then classified each investor into one of three categories: conservative, moderate or aggressive. The classification enables HRVST to then compare the returns and management fees paid by other similar investors, Lawler said.
“The idea is to empower the individual who want to do it themselves with a blueprint on how to do it,” he said. “Put the power back in their hands.”
Lawler and St. Peter said they plan to provide HRVST to beta users for free and collect feedback on the most useful features. The two would decide on a monthly subscription fee after the features are fully refined.
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