MindBridge Valuation, Funding & Investors
MindBridge is valued at $200M as of July 2023.
Last MindBridge valuation
$200M
Undisclosed stage · Jul 2023
Last MindBridge funding round
$60M
Undisclosed stage · Jul 2023
Cumulative funding MindBridge raised
$102M
across 4 funding rounds
Key investors in MindBridge
Real Ventures
8VC
Reciprocal Ventures
National Bank of Canada
MaRS Investment Accelerator Fund
PSG Equity
About MindBridge
MindBridge is an Ottawa-headquartered FinTech company offering an AI-powered audit platform that detects anomalies, errors, and financial misstatements in accounting data. The solution applies machine learning across general ledger entries for industries like banking and insurance. Venture-backed, MindBridge serves global enterprises including Big Four firms to reduce audit risks and compliance costs.
Founded
2015
HQ
OttawaWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$200M (Jul 2023)
MindBridge Valuation
MindBridge is currently valued at $200M, based on its undisclosed-stage round in July 2023.
The $60M round was led by PSG Equity.
MindBridge valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2023 | Undisclosed stage | $200M |
MindBridge Funding History
MindBridge has raised a total of $102M across 4 funding rounds.
MindBridge's first fundraising round was a $4M seed round in June 2017. The most recent completed round was a $60M undisclosed-stage round in July 2023.
MindBridge funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2023 | Undisclosed stage | PSG Equity (lead) | $60M | $200M | MindBridge is an Ottawa-based AI company founded in 2015, providing an AI-powered financial risk discovery platform that helps auditors, accountants, and financial professionals detect fraud and accounting anomalies across accounting, advisory, enterprise, government, and finance sectors. In July 2023, it secured a $60 million USD investment from PSG Equity, with $15 million USD going to the company and the rest buying shares from existing investors, valuing the company at $200 million CAD—twice its post-Series B valuation. The deal, confirmed around July 25, 2023, supported recapitalization, market expansion, and general corporate purposes, amid leadership changes including the appointment of PSG's Bill Hewitt as interim CEO. The PSG Equity round followed a 2019 raise of $29.6 million CAD, including a $15.1 million Series B from PeakSpan Capital, Real Ventures, National Bank, The Group Ventures, and Reciprocal Ventures, plus $14.5 million from Canada's Strategic Innovation Fund, bringing total prior funding over $45 million. MindBridge announced the investment publicly in January 2024, noting PSG joined existing investors like PeakSpan and Real Ventures in April 2023. In 2023, MindBridge achieved record revenue results with customer base expansions, including new Fortune 100 clients, and Transaction Risk Analytics (TRA) revenues more than doubling. The platform scored over 100 billion financial entries, reaching Big 4 audit firm scale in data processing. |
| Jun 2019 | Series B | PeakSpan Capital (lead); Strategic Innovation Fund (lead); Real Ventures; National Bank of Canada; The Group Ventures; Reciprocal Ventures | $30M | - | MindBridge Analytics Inc. is an Ottawa-based AI company founded in 2015 that provides financial risk discovery and anomaly detection solutions. The platform helps auditors, accountants, and financial professionals identify, surface, and analyze risk across financial datasets, combining audit and finance expertise with data science and AI to support fraud detection and accounting anomaly identification. In June 2019, MindBridge closed a Series B round totaling $29.6 million CAD in combined federal and venture capital funding. This included a $15.1 million Series B investment from PeakSpan Capital, Real Ventures, National Bank of Canada, The Group Ventures, and Reciprocal Ventures, as well as a $14.5 million investment from the Government of Canada's Strategic Innovation Fund. The company stated it had raised over $45 million in total funding by that time. |
| Apr 2018 | Series A | Real Ventures (lead); NAventures; Capital Angel Network; 8VC; The Group Investment; National Bank of Canada; Reciprocal Ventures | $8M | - | MindBridge Ai, a FinTech company based in Ottawa, Canada, develops an AI platform that automates data ingestion and analysis to detect anomalous patterns, errors, and misstatements in financial data using machine learning. The platform generates risk scores across datasets and is used by CPA firms, enterprises, governments, and regulators worldwide. By March 2017, it signed over 125 customers in 6 countries and doubled its workforce. On May 1, 2018, MindBridge closed an $8.4 million Series A round led by Real Ventures, with participation from Reciprocal Ventures, National Bank of Canada, The Group Investment, and 8VC. This followed a $4.3 million seed round in June 2017, bringing total financing to $15 million including non-dilutive funding. The capital supports scaling operations and strengthening market leadership. In 2017, MindBridge aimed to generate $100 million in revenue by 2021 and reach 1,000 organizations using its platform by 2019. |
| Jun 2017 | Seed | 8VC (lead); MaRS Investment Accelerator Fund (lead); Real Ventures (lead); Anatol von Hahn | $4M | - | MindBridge Analytics, an Ottawa-based FinTech company, develops an AI platform using machine learning to detect anomalous patterns, errors, and misstatements in financial data. The Ai Auditor product launched in early 2017 and helps organizations in auditing, compliance, and risk management across industries like CPA firms, enterprises, and governments. By June 2017, the company had validated its market through stealth work with select financial organizations before public launch. In June 2017, MindBridge closed a $4.3 million seed funding round led by 8VC, MaRS Investment Accelerator Fund, and Real Ventures, with participation from Anatol von Hahn and others. The round supported hiring 10 people in engineering, sales, and marketing to meet demand and expand into the US and Europe. The company had grown to 30 employees and joined the Bank of England’s FinTech Accelerator program. This seed round preceded a $8.4 million Series A in May 2018 led by Real Ventures with 8VC and others, bringing total financing to $15 million including non-dilutive funds. By then, MindBridge had signed over 125 customers in 6 countries and doubled its workforce. |
Who has invested in MindBridge?
13 investors have backed MindBridge across its funding rounds, including Real Ventures, 8VC, Reciprocal Ventures, National Bank of Canada, MaRS Investment Accelerator Fund and PSG Equity.
Lead investors include PSG Equity, PeakSpan Capital, Strategic Innovation Fund, Real Ventures, 8VC and 1 other investor.
MindBridge Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Montreal | 3 | Lead | Jun 2017 | |
 San Francisco, CA | 2 | Lead | Jun 2017 | |
| Canada | 2 | Participant | Apr 2018 | |
| New York City, NY | 2 | Participant | Apr 2018 | |
| United States | 1 | Lead | Jun 2019 | |
| Montreal | 1 | Participant | Apr 2018 | |
| Ottawa | 1 | Participant | Apr 2018 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} The Group Investment | Toronto | 1 | Participant | Apr 2018 |
| Toronto | 1 | Lead | Jun 2017 | |
| Toronto | 1 | Participant | Jun 2019 | |
| Boston, MA | 1 | Lead | Jul 2023 | |
This data is available for Pro users. Sign up to see all 13 MindBridge investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by MindBridge
MindBridge has acquired 1 company to date.
Last acquisition by MindBridge was on March 3rd 2020. MindBridge acquired Brevis for undisclosed valuation.
Latest Acquisitions by MindBridge
| Description | Brevis is a London-based firm delivering chartered accountancy, software engineering, and design services. It develops tools simplifying annual accounts production for small businesses, automating financial submissions to reduce compliance burdens. The platform handles HMRC filings and provides affordable solutions for UK SMEs struggling with yearly reporting. |
| HQ Country |  |
| HQ City | London |
| Deal Date | 3 Mar 2020 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all MindBridge acquisitions and their M&A valuation multiples. Start Free Trial | |
MindBridge Competitors
MindBridge competitors include listed companies like Beeks Group and Densan System Holdings Co, and private ones like Socure, Baselane, Wisetack and Ohpen.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Lake Tahoe, NV | Private | $315M | - | $156M | - | |
| New York City, NY | Private | - | - | $200M | - | |
| San Francisco, CA | Private | - | - | $200M | - | |
 Amsterdam | Private | - | - | $199M | - | |
| United Kingdom | Publicly listed | $49M | $15M | $203M | 3.7x | |
 Japan | Publicly listed | $438M | $29M | $221M | 0.2x |
MindBridge Public Comps
MindBridge is still privately-owned, but its public comps include Praemium, Appen, Beeks Group, Expert.ai, Abeja, Nucleus Software Exports, Msg Life, Densan System Holdings Co, Datawalk and Selvas AI.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $79M | $17M | 2.3x | 2.2x | 10.6x | 7.6x | |||
| $231M | $9M | 0.7x | 0.6x | 16.9x | 7.2x | |||
| $49M | $15M | 4.2x | 3.7x | 13.7x | 9.6x | |||
| $53M | $5M | 4.0x | 4.3x | 39.9x | 53.8x | |||
| $23M | $3M | 7.8x | 6.4x | 60.9x | - | |||
| $91M | $14M | 1.6x | 1.6x | 10.4x | - | |||
| $206M | $18M | 0.9x | - | 10.1x | - | |||
| $438M | $29M | 0.2x | 0.2x | 3.2x | 3.3x | |||
This data is available for Pro users. Sign up to see all MindBridge competitors and their valuation data. Start Free Trial | ||||||||
Common questions about MindBridge
| When was MindBridge founded? | MindBridge was founded in 2015. |
| Where is MindBridge headquartered? | MindBridge is headquartered in Ottawa, Canada. |
| Is MindBridge publicly listed? | No, MindBridge is a private, VC-backed company. |
| What is MindBridge's valuation? | MindBridge was last valued at $200M in its undisclosed-stage round in July 2023. |
| How much funding has MindBridge raised? | MindBridge has raised $102M across 4 funding rounds. |
| What was MindBridge's last funding round? | MindBridge's last funding round was a $60M undisclosed-stage round in July 2023, led by PSG Equity. |
| Who are MindBridge's investors? | MindBridge's investors include Real Ventures, 8VC, National Bank of Canada, Reciprocal Ventures, Strategic Innovation Fund, NAventures, Capital Angel Network, The Group Investment, MaRS Investment Accelerator Fund, The Group Ventures and 3 others. |
| Which companies are comparable to MindBridge? | Companies comparable to MindBridge include Socure, Baselane, Wisetack, Ohpen, Beeks Group and Densan System Holdings Co. |
| How many companies has MindBridge acquired? | MindBridge has acquired 1 company, including Brevis. |
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