“Working with Joot has been a great experience for our group, and we were excited that our relationship started and grew from a Morning Mentoring session, which is further validation of our programs and partnership and efforts with HCDC,” said Tony Shipley, Founder, Chairman and President of QCA.
CINCINNATI (PRWEB) December 01, 2020
Queen City Angels (QCA) today announced an investment in Joot, a regulation technology (RegTech) company with headquarters in Cincinnati, Ohio. The two-year old business is focused on changing the way compliance is done by applying automation and technology to dramatically improve the regulatory management process for financial advisory firms. While the amount of the investment was not disclosed, Joot plans to use the QCA investment to fund product development and accelerate sales and marketing for its software-as-a-service platform.
Joot was co-founded by CEO Bo Howell, a securities lawyer and former chief compliance officer, who previously worked at the U.S. Securities and Exchange Commission; and Alec Cheung, a B2B marketing veteran with fintech and financial services experience.
“Many of the common activities that compliance officers have to perform are still done via email, tracked via spreadsheets, and recorded in network folders or on personal hard drives,” said Howell. “They don’t have reliable, easy-to-use technology tools to help them. In fact, some compliance processes still require employees to print, sign, and scan documents or turn in paper copies. In addition, many compliance officers have multiple roles in a firm and are looking for ways to be more efficient since compliance is not their primary job. Technology is helping so many people do their jobs better, faster, and cheaper, so I knew that there had to be a better way to do compliance. This was the genesis of Joot.”
QCA first learned of Joot during a Morning Mentoring session co-hosted and managed by QCA and HCDC, a nationally-recognized startup incubator in Southwest Ohio that helps entrepreneurs launch successful technology-oriented businesses.
“QCA understood and even appreciated where Joot was in its business lifecycle, the opportunity we have, and the potential value we can unlock for our target market and customers,” said Cheung. “QCA has been great to work with; from the pitch to the evaluation process, they clearly cared about us and our goals. We feel QCA truly wants us to grow, will give us access to expertise, and can expand our network and reach across the region.”
“Working with Joot has been a great experience for our group, and we were excited that our relationship started and grew from a Morning Mentoring session, which is further validation of our programs and partnership and efforts with HCDC,” said Tony Shipley, Founder, Chairman and President of QCA. “The Joot team has tremendous industry experience and has charted an innovative course to disrupting a market that has been slow to adopt new technologies. We believe in the company, its leadership and its vision, and we look forward to helping Bo, Alec and their team along their journey.”
Joot is focused on short-term goals of completing the final phase of its product roadmap and accelerating its top-line growth, which Howell knows can be jumpstarted in Cincinnati and with QCA’s support.
“We always hear how great a place Cincinnati is for families, but from a startup standpoint, there are great resources and a community that wants to see entrepreneurs succeed,” said Howell. “QCA is an outstanding partner, ready and willing to open doors so we can connect with additional members and other resources. With QCA as a partner, I feel much better about our chances to achieve short-term growth and long-term sustainability.”