Total amount raised
$40 Million
Latest funding date
11/01/2024
Location
Range has successfully raised funding over three rounds, with the latest being a Series C round led by Scale Venture Partners. The company is backed by 11 investors, including Gradient and 53 Stations.
Range offers an all-in-one wealth management platform designed for high-income earners, providing financial advice for investing, taxes, retirement, cash flow, and real estate. Keep reading to explore the intricacies of Range's fundraising journey and the investors backing this innovative platform.
What Is Range?
Range is an AI-driven wealth management platform based in McLean, Virginia, with additional offices in New York City. Founded to cater to high-income earners, the company offers comprehensive financial services, including investment management, tax optimization, retirement planning, and cash flow management.
Operating with a team-based approach, Range provides personalized financial advice through a transparent, flat-fee pricing model. The company employs between 11-50 people and emphasizes its fiduciary responsibility, ensuring that it acts in the best interests of its clients.
How Much Funding Has Range Raised?
- Series A
- Amount Raised: USD 12,000,000
- Date: May 2023
- Lead Investors: Gradient
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of their AI-driven wealth management platform and attract early adopters.
- Series B
- Amount Raised: USD 28,000,000
- Date: November 2024
- Lead Investors: Cathay Innovation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand engineering teams to enhance their AI-powered platform.
- Series C
- Amount Raised: USD 60,000,000
- Date: November 2025
- Lead Investors: Scale Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expansion into new markets.
Total Amount Raised: USD 100,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Scale Venture Partners
- Details: Scale Venture Partners is a venture capital firm that invests in early-in-revenue technology companies. They focus on companies that are poised for rapid growth and have a strong market presence.
- Investment Focus Areas: SaaS, cloud infrastructure, digital health.
- Notable Investments: Box, DocuSign, HubSpot.
- Cathay Innovation
- Details: Cathay Innovation is a global venture capital firm affiliated with Cathay Capital. They invest in transformative businesses across various regions including Europe, North America, Asia, Latin America, and Africa.
- Investment Focus Areas: Commerce, fintech, digital health, mobility/energy.
- Notable Investments: Chime, Pinduoduo, Glovo.
- Gradient Ventures
- Details: Gradient Ventures is Google's AI-focused venture fund. They specialize in early-stage investments in companies leveraging artificial intelligence to solve significant problems.
- Investment Focus Areas: Artificial intelligence, machine learning, technology-driven companies.
- Notable Investments: Algorithmia, Labelbox, Lilt.
What's Next for Range?
Range is poised to capitalize on the growing demand for AI-driven wealth management solutions. With a recent influx of $28 million in Series B funding, the company is well-positioned to expand its product development and scale its engineering teams. The potential to democratize sophisticated wealth management services for a broader population is immense, as Range currently advises on nearly $3 billion in assets and has attracted over 1,000 high-net-worth individuals.
Future fundraising opportunities seem promising given the company's rapid growth and the increasing reliance on AI in the industry. As Range continues to enhance its AI engine and expand its customer base, additional funding rounds could support further innovation and market penetration. However, the company may face challenges such as competition from traditional financial advisors and other fintech startups, as well as the need to ensure the accuracy and reliability of its AI-driven financial advice.
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