73 Strings, a valuation and portfolio monitoring solutions provider, has achieved a remarkable success by securing its Series A funding round.
73 Strings has raised a robust sum of $10m in the Series A funding round. The significant investment was jointly spearheaded by Blackstone Innovations Investments, the early-stage strategic investment division of Blackstone, and Fidelity International Strategic Ventures (FISV). Additionally, Broadhaven Ventures also participated in this fundraising effort.
As a trusted partner to several of the world’s most prominent multi-strategy alternative investment firms across North America, Europe, and the Middle East, 73 Strings offers a robust platform for a variety of clients. Their clientele encompasses pension funds, sovereign wealth funds, limited partners, and general partners, including Eurazeo in France and Sofina in Belgium. As it stands, clients leverage the company’s platform, which handles a combined AUM of over $2tn across Private Equity, Growth Equity, Venture Capital, and Private Credit strategies.
73 Strings plans to utilise the newly acquired capital to amplify investment in product development, engineering, and go-to-market teams. The company aims to further strengthen its position in the private capital industry by delivering best-in-class technology solutions.
73 Strings’ platform plays a vital role in the industry by allowing funds to transition from error-prone spreadsheets to a scalable software solution. This advancement streamlines the collection of portfolio company data and enables users to conduct automated valuations processes for private assets. Furthermore, 73 Strings’ integrated solution introduces better risk management, enhanced quality control, and increased efficiency to the portfolio monitoring and valuations processes.
Yann Magnan, co-founder and Chief Executive Officer at 73 Strings said, “In a complex and volatile environment, it’s increasingly critical to alternative asset managers and their investors to deliver fast, frequent, and efficient valuations. This process is critical to keeping stakeholders well-informed. We’re enabling our customers to extract more information, intelligence, and value out of the portfolio monitoring and valuations process. We are thrilled to have the support of prestigious investors including Blackstone, FISV, and Broadhaven Ventures.”
Abhishek Pandey, co-founder of 73 Strings, noted, “With this funding, we are well-positioned to continue providing best-in-class technology solutions to the private capital industry. Our diverse skill sets and global footprint enable us to deliver products that shape the future of the industry.”
Stevi Petrelli, Head of Blackstone Innovations Investments, lauded the 73 Strings team, “Blackstone knows firsthand that the growth of the alternatives industry and the innovation around new investment products requires scalable technology solutions. Valuations and portfolio monitoring are two of the most critical workflows in the private capital industry, and we believe there is a significant opportunity to introduce automation and efficiency into these areas. We’re thrilled to partner with Yann, Abhishek, and the 73 Strings team to further the platform’s growth and product development.”
Alokik Advani, Managing Partner, FISV, said, “Software has not kept pace with the dramatic increase in demand for private assets over the last decade. With 73 Strings’ unique combination of technology and private assets expertise, managers can scale efficiently and transform the drudgery of manual data entry into automated digital workflows.
“Digitising private assets operations will unlock productivity, transparency, and ultimately enable greater liquidity. We are excited to partner with the team and support their mission to transform the alternative investment industry.”
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