WealthTech company Father has raised $15m in a Series A funding round led by Bessemer Venture Partners.
The round also saw participation from Khosla Ventures and MassMutual Ventures as new investors. They joined existing investors, Moneta Venture Capital, Context Ventures, and Cota Capital.
Founded in 2019 by Taylor Matthews and Brad Genser, Father considers itself a “new kind of financial institution,” which combined expert advisors and cutting edge technology to deliver a comprehensive, personalised client experience.
This round saw Father’s total amount raised increased to $22m, and boosted its valuation to $50m.
The WealthTech said this funding will facilitate its continued growth and innovation in the wealth management space.
In the first half of 2022, Father nearly quadrupled its assets under management to over $250m and doubled its staff size to over 50 employees across the country, including avisors, engineer and product team members.
Matthews and Genser said, “We are delighted to have the deep industry experience that our investors bring to Farther and our clients. As we move forward in our mission to revolutionize the traditional wealth management industry and deliver an unparalleled experience for every client, their support is invaluable.
“The COVID-19 pandemic created a seismic shift in the way that people manage their finances. Legacy institutions suffer from bolted-together technology, fundamentally flawed incentive structures, and costly overhead that too often gets passed on to clients. At Farther, every client receives an elite, personalised experience — with advanced technology and expert financial advice.”
Charles Birnbaum, Partner at Bessemer Venture Partners, added, “At Bessemer, we have a long and successful history of investing in innovative models in the wealth management industry.”
Earlier this year, Quantifeed, which claims to be Asia’s leading digital wealth management solution developer for financial institutions, closed its Series C round on an undisclosed amount.
Quantifeed, which is led by its co-founders Alex Ypsilanti and Ross Milward, gives financial institutions, including banks, brokers and insurance companies, with the digital tools to growth their wealth management services.
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