A startup based out of New Brunswick is rethinking how small businesses perform financial forecasting and pursue fundraising.
Profitual targets founders, accelerators, and venture capitalists alike with its artificially intelligent platform that automates financial modelling, generates investor-ready reports, benchmarking, and more.
“The idea behind Profitual came from my experience as an accountant,” cofounder Raymond Fitzpatrick informed OpportunitiesNB.
He learned that “strong financial intelligence could empower a business to make better decisions.”
Among the startups Fitzpatrick encountered during his time as an accountant and director of investments, “none of the founders came from a finance background.”
So he considered creating a platform for the non-finance user.
Fitzpatrick founded Profitual in Fredericton in 2021 with a vision of helping entrepreneurs without finance savvy to build their first budget.
The AI-powered platform launched in 2022 and has since then evolved to offer a variety of features, including preparing startups to secure funding.
“There’s a million reasons why you won’t get funded,” Fitzpatrick recently suggested to BetaKit. “We make it so your finances aren’t one of them.”
For example, Profitual helped Saint John-based AI healthcare startup MedReddie secure $450K in funding.
“Profitual’s trusted advisors and user-friendly platform have streamlined our operations, enhanced fundraising efforts, and provided the expert financial guidance we needed to scale,” chief executive officer Kara LeBlanc stated.
Profitual has also raised capital of its own. First, in 2022, the startup secured more than $1M in pre-seed financing from an array of angel investors.
Fitzpatrick next took his Canadian fintech through the NextAI accelerator in Montreal in 2024. There, the entrepreneur was encouraged to raise further capital.
And so earlier this year, the Canadian fintech managed to snag another $1M in a seed funding round led by the New Brunswick Innovation Foundation.
“We’ve built a really good platform to provide a financial forecast that shows how a business is performing compared to its plan,” CEO Fitzpatrick commented in May. Next, ““We’re planning on building out those reporting features so we can go after more mature startups as clients.”
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