Total amount raised
$449.5 Million
Latest funding date
4/1/2024
Location
Altruist has successfully raised funding through 7 rounds, with the latest being a Series F led by GIC. The platform is designed for independent financial advisors, integrating account opening, trading, portfolio management, billing, and reporting into one consolidated system.
Keep reading to explore the intricacies of Altruist's fundraising journey and the investors backing this innovative platform.
What Is Altruist?
Altruist is a financial services company based in Culver City, California. It offers a comprehensive wealth management platform designed for independent financial advisors. The platform integrates account opening, trading, portfolio management, billing, and reporting into a single, AI-driven system.
Operating in the Asset Management, Financial Services, and FinTech industries, Altruist aims to make financial advice more accessible, affordable, and efficient. The company has between 101-250 employees and focuses on automating administrative tasks to enhance client and advisor experiences.
How Much Funding Has Altruist Raised?
- Series A
- Amount Raised: USD 8,500,000
- Date: September 2018
- Lead Investors: Venrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and launch of Altruist's platform.
- Series Unknown
- Date: January 2021
- Lead Investors: Venrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand market reach.
- Series B
- Amount Raised: USD 50,000,000
- Date: May 2021
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance platform capabilities.
- Series C
- Amount Raised: USD 110,000,000
- Date: November 2021
- Lead Investors: Declaration Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and development, including the acquisition of SSG and the launch of a new brokerage offering.
- Series D
- Amount Raised: USD 112,000,000
- Date: April 2023
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and expand service offerings, targeting mid-sized firms managing between $100 million and $1 billion in assets.
- Series E
- Amount Raised: USD 169,000,000
- Date: May 2024
- Lead Investors: ICONIQ Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance technological capabilities.
- Series F
- Amount Raised: USD 152,000,000
- Date: April 2025
- Lead Investors: GIC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and further develop the platform.
Total Amount Raised: USD 601,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- GIC
- Details: GIC is a sovereign wealth fund established by the Government of Singapore to manage its foreign reserves. It is one of the largest global investors, with a diversified portfolio across various asset classes.
- Investment Focus Areas: Real estate, Private equity, Infrastructure, Public equities, Fixed income
- Notable Investments: Blackstone, Alibaba, UBS
- ICONIQ Growth
- Details: ICONIQ Growth is a tech-focused investment firm that partners with visionary entrepreneurs. It is known for its strategic investments in high-growth technology companies.
- Investment Focus Areas: Technology, Software, Consumer internet, Enterprise software, Fintech
- Notable Investments: Snowflake, Uber, DocuSign
- Insight Partners
- Details: Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies. It has a strong track record of helping companies scale.
- Investment Focus Areas: Software, Internet, Data services, Cybersecurity, Fintech
- Notable Investments: Twitter, Shopify, Qualtrics
- Declaration Partners
- Details: Declaration Partners is an investment firm backed by the family office of David M. Rubenstein. It focuses on building long-term partnerships with entrepreneurs and businesses.
- Investment Focus Areas: Real estate, Growth equity, Venture capital, Private equity
- Notable Investments: Not publicly disclosed
- Venrock
- Details: Venrock is a venture capital firm originally established as the venture arm of the Rockefeller family. It has a long history of investing in early-stage technology and healthcare companies.
- Investment Focus Areas: Healthcare, Technology, Energy, Consumer products
- Notable Investments: Apple, Intel, DoubleClick
What's Next for Altruist?
Altruist is poised to capitalize on the booming RIA market, which boasts $128.4 trillion in assets under management and sees over 3,000 new firms launched annually. By targeting mid-sized firms managing between $100 million and $1 billion in assets, Altruist aims to address the inefficiencies and high operational costs faced by RIAs using legacy custodians. This significant market segment presents a substantial growth opportunity for the company.
Future fundraising efforts could be driven by the need to support technological advancements and market expansion. Altruist's rapid growth and innovative approach make it an attractive candidate for additional investment rounds. Potential acquisitions may also be on the horizon to enhance their service offerings and market reach.
However, Altruist will need to navigate challenges such as competition from established custodians like Schwab and Fidelity, maintaining rapid growth, and ensuring compliance with regulatory requirements. Continuous innovation and high-quality customer service will be crucial as the company scales its operations.
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