Ethic, a tech-driven asset management platform, has closed its Series B round on $29m to support its continued expansion.
Oak HC/FT served as the lead investor, with commitments also coming from previous Ethic backers Fidelity Investments, Nyca Partners, Sound Ventures, ThirdStream Partners, Urban Innovation Fund, and Kapor Capital.
This equity infusion will continue its rapid expansion and further the development of its technology.
Ethic has been in a strong growth period, with the number of assets on its platform increasing ten-times since its funding round in 2019. The company secured $13m in its Series A round.
Founded in 2015, the company provides advisors with the tools to personalise a given benchmark to correspond with a client investment, values, and tax management preference. Advisors can also use the platform to differentiate themselves and improve relations with clients.
Oak HC/FT partner Dan Petrozzo said, ?Ethic unique direct indexing approach ensures the company is primed to meet a burgeoning demand from wealth advisors, as well as the broader investor community. Were delighted to be partnered with this mission-driven team that is helping drive a major revolution in asset and wealth management.p>
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