FinTech Firm Asset Class Raises $11.6 Million Funding Round
A financial technology company that aims to help “democratize private capital investing” has just gained an investment of its own. This week, Asset Class announced that it had raised $11.6 million in funding. The Series A was led by Canapi Ventures, which is a FinTech-focused VC. New and returning investors including Live Oak Ventures, Plexus Capital, and Total Technology Ventures also participated. This round follows a $3 million seed round last summer, giving the company a total of $14.6 million in funding to date.
Asset Class is a FinTech that offers a variety of investment management software solutions for the likes of private equity firms, VCs, commercial lenders, and financial advisors. According to their site, the company currently helps service more than 300 funds, with more than $33 billion in assets under management. While the company is based in Dublin, it also has offices in New York, Atlanta, and London.
With the latest round of funds, Asset Class says it plans to hire additional employees. In particular, the firm says it will focus on talent in the software and business development fields.
Commenting on the funding round and Asset Class’s success so far, the company’s founder and CEO Ferdinand Roberts said in a statement, “As we’ve grown, we like to say that the venture capital, private equity, and commercial lending firms we work with come for the technology we provide and stay for the network we offer.”
Roberts added, “Our client-first approach has led us to achieve incredible growth, and this new round of funding will only propel us further on our mission to offer a completely integrated, end-to-end investment management platform in the alternatives space.”
Meanwhile, Canapi Ventures general partner Neil Underwood said of his firm’s investment in the company, “We have been extremely impressed with the growth of Asset Class over the past year. The company’s unrivaled ability to bring secondary market liquidity to the private capital markets and provide fund managers with better investor oversight has positioned the company at the forefront of the industry, opening up many exciting opportunities for the future. We are excited to help them strengthen their position to become the preeminent operating platform for investment management as the alternatives space continues to accelerate.”
Overall, Asset Class is another example of a “behind the scenes” FinTech that has the potential to be hugely successful without becoming a household name. Of course, while the firm’s $11.6 million Series A is impressive, the company is still early in its life at just two years old. Regardless, their impact so far makes them one to watch.