Hemrock vs Keel
Hemrock
hemrock.com
Keel
keelmanager.comSide by side
| Figure | Hemrock | Keel |
|---|---|---|
| Price from | $1.67/mo | Free |
| Free plan | Yes | Yes |
| Free trial | — | Yes |
| Open source | Yes | — |
| Web | Yes | Yes |
| API | Yes | Yes |
| Self-hosted | Yes | — |
| Plans published | 11 | 7 |
| Spec score · Fund Administration Software | 8.7 (#1) | 8.5 (#3) |
| Fund economics | The Fund Economics Tool forecasts fees, carry, recycling, deployment pacing, and LP/GP returns. | It supports European and American distribution waterfalls, GP catch-up, carried interest, preferred returns, hurdles, and recallable capital. |
| Integrations | A prebuilt, one-way Affinity integration imports deal and relationship data into portfolio and diligence views; webhooks are listed as coming soon. | Plaid is used as the optional bank-data aggregation provider for connected-account reconciliation. |
| Product | Portfolio is an open-source platform for venture funds that turns portfolio-company updates into structured metrics, dashboards, monitoring, and LP reporting. | Keel is fund administration software for private equity, venture capital, family offices, search funds, and independent sponsors. |
| Security controls | The platform states that it uses role-based access, row-level security, encrypted API-key storage, Supabase Auth, and optional multi-factor authentication. | Keel states that it uses TLS, AES-256-GCM application-layer encryption for sensitive fields, mandatory MFA, role-based access, tenant isolation and bounded sessions. |
| Support | Every purchase includes free email, phone, and WhatsApp support for understanding and using the models. | The site invites users to email [email protected] for security diligence questions and says a demo can be booked at [email protected]. |
| What it does | Hemrock provides open-source financial models, browser tools, and venture-fund portfolio software for founders and investors. | Keel is a cloud fund-administration and investor-portal system for private-equity, venture-capital, family-office, search-fund and independent-sponsor managers. |
Plans
Hemrock
- Free pay-what-you-want toolsFree
- Self-hostedFree
- Cap Table & Exit Waterfall API/MCP compute$20 a year
- Fund Economics API/MCP compute$20 a year
- How to build fund infrastructure with AI workshop$75, paid once
- Standard Financial Model$149, paid once
- Cap Table, Exit Waterfall, and Portfolio Construction workshop$175, paid once
- Hosted$250 a month
- Working session$395, paid once
- Setup and support$2,500, paid once
Keel
- FreeFree
- FreeFree
- Starter£350 a month
- Single Fund£799 a month
- Multi-Fund£1,999 a month
- EnterprisePriced on request
- Enterprise$6,000 a month
In their own words
Hemrock
Hemrock Portfolio is an open-source platform for venture funds that turns company updates into structured metrics, dashboards, monitoring and LP reporting. Users can forward PDF, Excel, PowerPoint or plain-text updates; AI extracts metrics and flags uncertain results for review. The platform charts MRR, burn, headcount and custom KPIs over time, and can draft quarterly LP letters and investor report cards. It supports user-provided AI keys for Anthropic, OpenAI, Google Gemini and OpenRouter, as well as local models through Ollama. Designed to run on a customer’s own infrastructure, database and AI keys, it is described by Hemrock as keeping portfolio data separate from other funds and out of model training. The Apache License 2.0 permits personal or commercial use. Optional Fund Operations adds a double-entry ledger for funds, SPVs, direct deals or GP entities, plus period closing and a compliance calendar. Self-hosted use is free; Hosted starts at $250 a month, and Setup and support starts at $2,500, paid once.
Keel
Keel is fund administration software for private equity, venture capital, family offices, search funds, and independent sponsors. Its workflows cover investor onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting, and tax tasks. For fund economics, it supports European and American distribution waterfalls, GP catch-up, carried interest, preferred returns, hurdles, and recallable capital. Investors can use a branded portal for capital-call notices, real-time account balances, statements, tax documents, and fund analytics. Its AI Suite reviews emailed capital-call notices, deal materials, and portfolio updates, but a manager must confirm before it creates or issues actions. Keel supports USD, EUR, GBP, and JPY fund currencies, plus K-1 and foreign-investor tax forms including W-8, 1042-S, and K-3. The Free tier costs nothing and covers one entity and up to 10 active investors. Listed paid plans start at £265 a month; the pricing note also says paid plans start at $500/mo. Keel administers single-entity funds today; multi-entity and master-feeder structures are coming soon.