Westchester Angels announces first exit opportunity, parlays early fintech investment into major win

Westchester Angels announces first exit opportunity, parlays early fintech investment into major win

Published: 06-10-2021 14:46:00 | By: Pie Kamau | hits: 3236 | Tags:

Investment group Westchester Angels announced its first exit opportunity, providing significant returns to a group of local investors and highlighting their intuition for spotting growth opportunities.

Westchester Angels first invested in the startup Ocrolus in 2017, helping raise $1 million in a seed round for the new fintech company. Ocrolus is a New York City-based financial technology company specializing in automated document analysis, with marquee-name clients like PayPal and SoFi. Now, four years later, Ocrolus is valued at over $500 million - more than half-a-billion dollars. The valuation comes this month from FinVC, a San Francisco-based venture capital firm specializing in fintech. To date, Ocrolus has raised more than $100 million, and it has increased its revenue 20-fold in the past three years, from $1 million to $20 million.

Sandy Wollman, Co-founder and Managing Director, Westchester Angels: "It was an absolute pleasure to help Sam, Vik and the Ocrolus Team raise their first round. And it's incredibly rewarding to see where they are today. The more time I spent with them over the years, the more confident I was in their ability to scale and execute."

Some of the initial Westchester Angels investors have now sold their shares, making for a wildly successful investment. Other investors have retained their shares as Ocrolus continues to expand into new markets, like the mortgage lending sector.

Sam Bobley, CEO and Co-founder, Ocrolus: "The Westchester Angels, from day one, had strong convictions about Ocrolus. Sandy Wollman rallied different angel investors to us, unlocking the opportunity for growth."

www.westchesterangels.com