Farther, a technology-centric financial advisory firm, has successfully closed a $72 million Series C funding round, co-led by CapitalG and Viewpoint Ventures. This funding elevates the company’s post-money valuation to $542 million and comes as Farther surpasses $5 billion in assets under management (AUM), marking a remarkable 5x year-over-year growth.
Key Takeaways
Funding Amount: $72 million raised in Series C round.
Valuation: Post-money valuation now at $542 million.
AUM Growth: Surpassed $5 billion in assets under management.
Technology Focus: Proprietary technology enhances advisor productivity.
Advisor Flexibility: No mandatory minimums or non-compete agreements.
Founded to streamline operations for financial advisors, Farther’s platform allows advisors to focus more on client interactions by alleviating administrative burdens. The firm’s technology is designed to empower advisors to spend 90% of their time engaging with clients and prospecting, which is four times the industry average.
Strategic Goals for the New Funds
The newly secured funds will be directed towards:
Expanding Advisor Network: Increasing the number of advisors on the platform.
Enhancing Wealth Management Platform: Improving technology to provide superior experiences for both advisors and clients.
Leadership Insights
Jesse Wedler, general partner at CapitalG, expressed enthusiasm about Farther’s potential to transform the wealth management industry. He noted the strong leadership team and the unique business model that combines proprietary technology with human expertise, creating an environment where both advisors and clients can thrive.
Drew Aldrich, founder and managing partner of Viewpoint Ventures, highlighted the impressive organic growth of Farther, especially in an industry where growth has largely been driven by mergers and acquisitions. He emphasized that their investment strategy is focused on firms like Farther that are set to transform human-powered markets.
Previous Funding and Investors
With this latest round, Farther has raised over $118 million to date. Previous investors include:
Bessemer Venture Partners
Context Ventures
Cota Capital
Khosla Ventures
Lightspeed Venture Partners
MassMutual Ventures
Moneta Venture Capital
Conclusion
Farther’s recent funding round marks a significant milestone in its journey to revolutionize wealth management. By leveraging advanced technology and a flexible working environment, the firm is poised to set new standards in the industry, benefiting both advisors and their clients alike.
Sources
Farther raises $72m Series C to revolutionise wealth management - FinTech Global, FinTech Global.