Ctrl Alt raises €2.5m with Enterprise Ireland support

24 Oct 2023

The Ctrl Alt team, from left, front row: CEO Matt Ong, CMO Ele Ward, CPO Matt Acheson. Back row: CTO Jack Spargo and COO Jordan McMullen. Image: Ctrl Alt

The start-up provides infrastructure to help businesses diversify their investment portfolio with alternative assets such as property and green energy.

Dundalk-based start-up Ctrl Alt has raised €2.5m to scale up its team and expand further into the alternative assets market.

The funding round was led by Forward Partners and Middlegame Ventures, with  participation from Enterprise Ireland. Other participating institutions included Algorand Ventures, 365.fintech and Syndicate Room, with angel investors Marc Cohen, Omid Ashtari and Alex Macdonald.

Ctrl Alt claims to provide infrastructure to give investment platforms access to alternative assets, such as property and green energy. The company said this allows these platforms and fintech businesses to diversify their investment portfolio and remain competitive.

The company was founded in 2020 by Matt Ong, who previously worked with Credit Suisse and Morgan Stanley. Ong said that investing in alternative assets is traditionally “dominated by the super-rich and institutional investors”.

“A diversified portfolio should play a key role in any investment strategy and it’s not right that alternative assets, a typically robust form of investment, remain in the old world of money,” Ong said.

Ctrl Alt claims that the “digital tokenisation of assets” has improved access to the alternative asset market, by giving a digital share – a representation of a piece of the real-world asset – to investors. The company said these investors “essentially co-own the asset”.

Ctrl Alt also claims to make the process easier for alternative asset owners that are seeking to raise capital, as the company has products that can manage asset investments.

“There are plenty of asset holders who are looking for new ways to finance and free up capital,” Ong said. “By simplifying the process and providing more on-hand support, we’re meeting the growing consumer demand for alternative assets by bringing more assets into the market.”

The company notes on its website that it does not provide investment advice and has reminders that capital is at risk from investments.

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Leigh Mc Gowran is a journalist with Silicon Republic