Backstop Solutions, which provides tools for institutional investors to improve their operations, has pulled in $20m in its latest equity round.
The capital was supported by a number of existing and new investors including seasoned investor Roger Kafker, Morningstar former COO Tao Huang, Huizenga Capital Management president David Bradley, and Vistara Capital Partners.
Financial Technology Partners acted as the strategic and financial advisor to Backstop Solutions.
The company helps institutional investors to optimise their investment process through improved research management, portfolio management, and client relationship management. Its services are used by advisors, pension and insurance companies, private equity and venture capital firms, hedge funds, fund of funds, endowments and family offices.
Its platform helps to simplify and streamline tasks such as accounting, CRM, research and portfolio management.
This investment comes after the company witnessed strong growth, with its client roster growing to around 800 institutional and alternative investment firms. The company has also appointed a number of people to senior executive positions.
Roger Kafker said, “As the asset management industry continues to grow, so does the demand for solutions that make investment and operations professionals more productive and effective.
?With its sterling reputation as the platform of choice for both alternative asset owners and managers, Backstop is poised to extend its market position as the premier productivity suite provider to this space.”
Last year, Vistara Capital supplied a $5m growth debt financing round to wealth advisor InvestEdge.
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