bunch, an AI-native fund operations platform targeting private markets, has closed a $35m Series B as legacy infrastructure struggles to keep up with surging industry complexity.
The round was led by Portage, with Illuminate Financial also participating alongside follow-on commitments from existing backers Motive Partners, Cherry Ventures, FinTech Collective and a number of angel investors. Proceeds will go towards accelerating commercial growth across Europe, advancing the platform’s automation and AI capabilities, and extending its reach into new geographies, asset classes and operational workflows.
The raise arrives at a pivotal moment for private markets. Assets under management are projected to hit $32tn by 2030, and regulatory frameworks such as ELTIF 2.0 are opening the door for private wealth investors to access alternative assets at scale. The resulting surge in investor numbers, reporting demands and operational complexity has exposed a critical gap: the systems underpinning fund management have largely failed to modernise, with many core workflows still dependent on spreadsheets, email chains and manual intervention.
Bunch offers PE and VC fund managers a single integrated digital operating layer spanning the entire fund lifecycle. Developed in Europe with multi-jurisdictional complexity in mind, the platform combines proprietary software, specialist expertise and AI-native infrastructure to help managers operate across multiple entities, investor groups, jurisdictions and regulatory regimes. The system is capable of ingesting unstructured fund documentation, extracting and structuring relevant data, and maintaining traceability to source materials — all while preserving human oversight at critical junctures to uphold auditability and control.
The company reports strong momentum heading into this new chapter. Bunch now serves over 150 fund managers and more than 12,000 limited partners across major European jurisdictions. Annual recurring revenue grew 300% in 2025, with net revenue retention reaching 156% — a signal of deepening platform adoption among existing customers. Clients already using the platform include FINVIA Family Office, Passion Capital, Hummingbird VC, Merantix, Tiny Supercomputer, Redstone and Antler. With total funding now exceeding $58m, bunch is among the most well-capitalised platforms in Europe focused exclusively on private fund operations.
The Series B funding will be deployed across three areas: commercial expansion in key European markets including Germany, the UK and Luxembourg; product and technology development to deepen automation across capital calls, compliance, distributions and reporting; and organisational scaling to support a broader range of asset classes and jurisdictions.
Bunch co-founder & CEO Enrico Ohnemüller said, “Private markets are entering a new phase of growth, but the operating infrastructure behind them has not kept pace. GPs cannot scale on spreadsheet-era infrastructure. We built bunch to give fund managers one platform across the fund lifecycle, designed for the complexity of operating across multiple European jurisdictions. While private markets will remain a people-driven, service-intensive industry, the right combination of specialist expertise, software and AI-native systems make fund operations more efficient, consistent and scalable. This funding allows us to deepen that model and continue modernising private markets infrastructure.”
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