How Reinventure Capital Reduced Reporting Time by 50% with Fundwave
"Fundwave AI has reduced our compliance and reporting time by more than half. For a lean team managing two funds, that time goes straight back into working with our portfolio and our investors."
Langston Dugger
Partner - Operations
About Reinventure Capital
Reinventure Capital is a venture capital fund investing in companies led by founders of colour and women founders - entrepreneurs who have historically been undervalued by traditional venture capital.
The fund focuses on post-seed and Series A businesses, combining growth capital with hands-on support across strategic planning, operations, governance and fundraising.
Reinventure Capital currently manages two funds and works closely with its portfolio companies as they scale and build durable, sustainable businesses.
About Langston
As Partner of Operations at Reinventure Capital, Langston oversees the firm's operations, compliance, fundraising, investor relations and fund reporting.
He leads the infrastructure and processes that support fund and investor operations across all Reinventure funds.
The Challenge: Too Much Time on Fund Operations, Too Little with Investors and Portfolio Companies
"Fundwave was already in place when I joined, so my first experience was inheriting it rather than selecting it - which is its own kind of test. It was straightforward to pick up, and the platform has evolved significantly over the past couple of years."
— Langston Dugger, Partner - Operations
Most fund operations involve recurring workflows that require significant effort - from portfolio KPI monitoring and quarterly investor reporting to annual compliance and ad-hoc LP requests. For a lean team like Reinventure's, this meant diverting attention away from higher-value activities like supporting portfolio companies, fundraising and building investor relationships.
Reinventure had already been using Fundwave to run its fund operations since launching in 2020. Over time, Fundwave had significantly reduced workload through automated capital call and reporting workflows, as well as built-in accounting tools.
However, some workflows still required significant manual effort, particularly around collecting portfolio KPIs, analysing performance across companies and turning that data into recurring reports.
So when Langston joined Reinventure in 2024 and inherited Fundwave, his immediate goal was to leverage Fundwave's capabilities to build more scalable workflows - particularly with Reinventure Capital preparing to launch another fund.
Using Fundwave AI to Build Scalable Workflows
Reinventure adopted a two-pronged approach to reduce time spent on recurring fund operations: 1. Streamlining how data enters Fundwave, and 2. Making it faster to access, analyse and report on that data.
Automating Data Ingestion
"The ability to collect custom KPIs has been especially valuable. We can track the metrics that matter to our strategy rather than trying to fit every portfolio company into the same template."
— Langston Dugger, Partner - Operations
On the data ingestion side, Langston uses Fundwave AI to reduce repetitive collection and manual data entry.
Each quarter, Reinventure uploads portfolio documents like board packs and financial reports into Fundwave. Fundwave AI automatically extracts and populates relevant financial, impact and other operational KPIs across the portfolio, turning a manual data collection exercise into a repeatable workflow.
The same approach extends to fund accounting. Fundwave's AI-assisted bank statement imports help bring fund-level financial data into Fundwave with minimal manual effort.
Accelerating Reporting and Analysis
"Being able to query our Fundwave data directly through Claude has changed how quickly we can pull insights and answer questions."
— Langston Dugger, Partner - Operations
With portfolio and fund data consolidated in Fundwave, Reinventure can analyse portfolio health without forcing every company towards an identical reporting framework. The team can focus on the financial, operational and strategy-specific KPIs that are relevant to its investment approach.
The Fundwave AI Agent, together with the Claude connection via MCP, make it even easier to access key information.
Instead of manually searching through reports or underlying records, the team can simply query an AI agent to answer questions and pull insights. The AI agent can also build custom reports, including NAV Statements & Portfolio Summaries.
Impact and Results
Cutting Reporting Time by More Than 50%
"The biggest number for us is that Fundwave's investment in AI has reduced our compliance and reporting time by more than 50%. For a lean team managing two funds, that time goes straight back into working with our portfolio and our investors."
— Langston Dugger, Partner - Operations
Together, these capabilities have eliminated hours of repetitive data work and accelerated recurring compliance, portfolio reporting and investor reporting processes.
For Reinventure, the result is more than just operational efficiency. Time previously spent processing data is now redirected towards working with portfolio companies and building relationships with investors.
A Single Source of Truth
"Fundwave is where our capital-account data, investor records and fund-level reporting live. It gives our internal team and our fund accountants a common place to work from."
— Langston Dugger, Partner - Operations
Fundwave sits at the centre of Reinventure's fund operations.
Alongside portfolio data, critical information such as investor records and capital account balances are maintained in one platform, creating a shared source of truth for Reinventure's internal team and its fund accountants.
Maintaining clean and auditable fund records also simplifies audit preparation and LP diligence requests. Rather than reconstructing information when a request arrives, the team can work from data already organised within the platform.
Scaling to Multiple Funds
"Adding our second fund to Fundwave was a natural extension of our fund operations practice."
— Langston Dugger, Partner - Operations
Adding Reinventure's second fund further reinforced the team's confidence in the platform.
Rather than adopting a separate fund administration system or rebuilding existing processes, Reinventure has comfortably extended its current Fundwave setup to the new fund. The same platform now supports multiple funds while maintaining consistent investor records, capital-account data and reporting workflows.
A Product Partnership That Keeps Delivering
"The Fundwave team keeps shipping practical AI-first capabilities that directly improve how we work. They are constantly asking for feedback and feature wish lists - and then actually building them. That kind of feedback loop is rare."
— Langston Dugger, Partner - Operations
For Reinventure, the relationship with Fundwave extends beyond the software itself.
The Fundwave team regularly engages with Langston for feedback and feature ideas. - and uses that input to shape product development.
When Fundwave was designing its Investor Relations AI agent, for example, the team asked Langston what questions Reinventure's LPs most frequently wanted answered.
Support That Goes Beyond the Software
"The quarterly business reviews are genuinely useful. Each one surfaces features we aren't using yet and gives us clear guidance on how to get started. Customer service is also always very responsive whenever I have a question."
— Langston Dugger, Partner - Operations
Quarterly business reviews give Reinventure a regular opportunity to identify capabilities it has not yet adopted.
Combined with responsive day-to-day support, this helps the team continuously expand how it uses Fundwave as its operational requirements evolve.
Advice for First-Time Fund Managers
For Langston, Reinventure's experience with Fundwave reinforces the value of putting proper infrastructure in place before operational complexity begins to grow.
He also recommends choosing a platform that fund administrators can work in directly and a technology partner that continues to improve the product.
"For first-time fund managers, put real infrastructure in place before you think you need it. It's tempting to run a first fund on spreadsheets, but migrating later - mid-fund, with LPs watching - is far more costly."
— Langston Dugger, Partner - Operations
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