Side by side
Hemrock vs Keel
Both stand on fund administration software. Which one you can start free with, which one lets you read the code, and what each costs once you pay.
Free plan Open source APISelf-hostedWeb
Hemrock Portfolio combines update processing and fund reporting with self-hosting and optional fund operations. Teams can use it free on their own infrastructure, while hosted and setup services have listed starting costs.
Visit Hemrock
Free plan APIWeb
Keel brings fund workflows, investor access, and fund economics together, with a free tier for one small entity. Check the plan limits and the stated availability of multi-entity support before choosing it.
Visit KeelThe facts
| Hemrock | Keel | |
|---|---|---|
| Free plan | Yes | Yes |
| Open source | Yes | No |
| Runs on | API, Self-hosted, Web | API, Web |
| Lowest paid plan | Cap Table & Exit Waterfall API/MCP compute: $20 a year | See the plans |
| Plans published | 11 | 5 |
| Maker | Not published | Not published |
| Website | hemrock.com | keelmanager.com |
| On fund administration software | #1 of 30 | #4 of 30 |
Hemrock: what it does well
- Extracts metrics from common update file formats.
- Charts MRR, burn, headcount, and custom KPIs.
- Supports hosted AI providers and local models through Ollama.
- Apache 2.0 license permits commercial deployment.
- Self-hosted plan has no per-seat fees.
What to know first
- Affinity integration imports data one way.
- Webhooks are listed as coming soon.
- Hosted service starts at $250 a month.
- Setup and support starts at $2,500.00 USD once.
Keel: what it does well
- Covers investor onboarding through distributions and tax workflows
- Supports multiple waterfall and fund-economics structures
- Branded investor portal includes balances, statements, and analytics
- AI Suite requires manager confirmation before actions
- Free tier includes one entity and up to 10 active investors
What to know first
- Free tier is limited to one entity and 10 active investors
- Multi-entity structures are coming soon
- Plaid live bank sync is unavailable in some countries
- Web subscription documents and investor tax reporting are paid add-ons on eligible tiers