Turbine Finance, commonly referred to as Turbine, has recently announced a significant financial milestone.
The company has successfully raised $13m in Series A funding, co-led by Alpha Edison and TTV Capital, and joined by Fin Capital, B Capital, and Sozo Ventures. In addition to the Series A funding, Turbine had previously secured an unannounced $8.75m in Seed funding. Complementing these investments, Turbine has also arranged a $100m warehouse facility from Silicon Valley Bank (SVB), a division of First Citizens Bank.
This facility is designed to offer general partners and limited partners the option to borrow against their existing fund investments, effectively unlocking previously inaccessible capital. Cumulatively, these financial achievements bring Turbine’s total backing to an impressive $121.75m.
Turbine operates as a liquidity platform driven by data science, providing critical credit facilities to venture investors. The broader private equity market, which includes venture and real estate funds, is estimated to hold over $13 trillion in capital globally. A significant portion of this capital is locked in illiquid general and limited partnership positions. By facilitating access to this capital on-demand, Turbine aims to inject increased investment into high-performance funds.
The company plans to use the new funding to fully deploy its warehouse line and to expand its data science team. This expansion will enhance Turbine’s ability to offer unique insights and support to the venture ecosystem, particularly targeting seasoned funds managed by repeat fund managers with proven track records.
Turbine’s innovative approach leverages machine learning and data science to streamline months of manual underwriting processes into mere days. This technology enables the provision of precise and valuable insights on fund performance and monetary value for underwriting teams. Turbine’s platform also allows private equity and venture firms to offer their limited partners the opportunity to leverage their portfolio investments without diminishing their exposure to these positions. This flexibility is a significant step forward in making liquidity more accessible and predictable in the private equity space.
“Venture capital and private equity returns are among the highest of any asset class, but liquidity has been extremely limited and unpredictable,” Mike Hurst, Founder and CEO of Turbine, explained. “By empowering alternative asset investors to access their capital on their own schedule, Turbine will unlock increased investment to high performance funds. We are proud to bring this solution to market with the backing of world-class FinTech investors, and with the guidance and partnership of Silicon Valley Bank.”
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