Total amount raised
$40 Millions
Latest funding date
11/01/2024
Location
Range has successfully raised funds through multiple rounds, with the latest being a Series B round closed on November 26, 2024. The company is backed by nine investors, including Cathay Innovation and Gradient.
Keep reading to explore the intricacies of Range's fundraising journey and the investors backing this innovative platform.
What Is Range?
Range, founded in 2020, is an AI wealthTech platform based in McLean, Virginia. The company specializes in wealth management and financial advisory services, offering a comprehensive dashboard and expert advice for high earners.
Founded by David Cusatis and Fahad Hassan, Range aims to simplify financial management by consolidating various financial tools into one platform. Their services include investment management, tax optimization, retirement planning, and more.
With a team of 11-50 employees, Range provides personalized financial advice and planning through a tech platform that aggregates real-time data, ensuring modern financial advice with no hidden fees.
How Much Funding Has Range Raised?
- Series A
- Amount Raised: $12M
- Date: May 2023
- Lead Investors: Gradient
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and grow the user base.
- Series B
- Amount Raised: $28M
- Date: November 2024
- Lead Investors: Cathay Innovation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth, focus on product development, and expand engineering teams.
Total amount raised: $40M. Current valuation: Not publicly disclosed.
Key Investors
- Cathay Innovation
- Details: Cathay Innovation is a global venture capital firm that partners with startups to drive the digital transformation of industries. Founded in Paris in 2015, it manages over $2.5 billion in assets and has offices in San Francisco, Berlin, Shanghai, and Singapore.
- Investment Focus Areas: Technology, digital transformation, AI solutions in commerce, fintech, digital health, mobility/energy.
- Notable Investments: Chime, Pinduoduo, Glovo.
- Gradient Ventures
- Details: Gradient Ventures is a venture fund within Google that invests in early-stage startups, particularly those leveraging artificial intelligence. The firm supports companies that create transformative AI-driven solutions.
- Investment Focus Areas: Artificial intelligence, machine learning, advanced technologies.
- Notable Investments: Not explicitly detailed in the provided sources.
Valuation: Not publicly disclosed.
What's Next for Range?
Range is poised to capitalize on the growing demand for AI-powered wealth management solutions. With its innovative platform, the company aims to democratize access to sophisticated financial services, potentially reaching a broader market beyond high-net-worth individuals. The opportunity to expand product development and scale engineering teams is significant, given the company's current management of nearly $3 billion in assets.
Future fundraising opportunities seem promising as Range continues to grow and innovate. The successful Series B round indicates strong investor confidence, suggesting that additional funding rounds could support further expansion and technological advancements. However, the company may face challenges such as competition from traditional financial advisors and other fintech startups, ensuring the reliability of its AI-driven advice, and navigating regulatory requirements.
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