Passthrough closed a $5m seed round, which the company said will help it provide fund workflow automation, simplifying fund closing.
The round was led by Sam Cates and Patrick O’Shaughnessy from Positive Sum and a handful of strategic investors and industry experts.
The company’s mission is to organise and structure investor identity information and make that information interoperable, whilst also saving time and frustration with more seamless experiences that make it easier to invest in private funds.
“As asset classes like private equity, etc. become increasingly accessible, we’re seeing more investors than ever. Meanwhile, we’re dealing with the same processes and tools that I used at JPMorgan over a decade ago,” the Passthrough said.
Passthrough said it takes any subscription document and creates a custom workflow that looks a lot like TurboTax. Investors only see one question at a time and only the questions that matter to them. Fund managers can track the raise live and nudge someone along towards the close. Because the data’s structured, fund managers, law firms, and fund administrators can export the data into whatever format they need.
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