Farther, a technology-driven wealth management firm, has successfully closed its oversubscribed Series B funding round, securing $31 million in investments. This latest funding round has boosted the firm’s valuation to $131 million, marking a 2.5x increase compared to its previous valuation, achieved just one year after the completion of its Series A round.
Leading the Series B round was Lightspeed Venture Partners, along with existing investors including Bessemer Venture Partners, Cota Capital, Khosla Ventures, MassMutual Ventures, and Moneta Venture Capital. With this latest funding, Farther has raised a total of $53 million since its inception in 2019.
Co-Founder and CEO of Farther, Taylor Matthews, expressed excitement over the continued success and validation of the firm’s approach. Farther aims to empower financial advisors by providing them with a modern technology platform that allows them to focus on delivering an exceptional experience to clients. With the new funding, Farther plans to strengthen its team and enhance its technology, solidifying its position as the preferred platform for wealth advisors and their clients.
Farther stands out by combining financial advisors with advanced technology, resulting in a seamless client experience. The platform not only offers transparency, access, and control for clients but also enables advisors to streamline administrative tasks, allowing them to dedicate up to 90% of their time engaging with clients and prospects. This funding round will also support the development of Farther’s proprietary wealth management portal, providing clients with a unified view of all their financial products and holdings.
Furthermore, this investment infusion will enable Farther to continue offering a competitive compensation structure to advisors, significantly stronger than what traditional institutions provide. With its focus on technology and advisor empowerment, Farther has achieved impressive growth, reporting 5x year-over-year growth in assets under management, reaching nearly $700 million as of April 2023.
As Farther looks towards the future, the company plans to further enhance its technology to deliver elite experiences to both clients and advisors. Additionally, the firm aims to attract and retain top-tier advisory and engineering talent.
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