Total amount raised
$100 Million
Latest funding date
02/01/2022
Location
SIMON has successfully raised funding over two corporate rounds, with notable investors including Citi and WestCap. The company, which focuses on structured investments, was eventually acquired by iCapital Network.
Keep reading to explore the intricacies of SIMON's fundraising journey and the investors backing this innovative platform.
What Is SIMON?
SIMON is a New York-based company specializing in developing an online distribution platform for financial professionals, focusing on structured investments. The company operates in the finance, financial services, fintech, impact investing, information technology, and software industries.
Founded in New York, SIMON has a workforce of 51-100 employees. The company was acquired by iCapital Network and continues to operate as a private entity, supported by investors like Citi and WestCap.
How Much Funding Has SIMON Raised?
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: February 2022
- Lead Investors: Citi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen strategic partnerships and enhance the platform's capabilities.
- Series B
- Amount Raised: USD 100,000,000
- Date: July 2021
- Lead Investors: WestCap
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance core offerings in structured investments and annuities, and to drive product and geographic expansion.
Total Amount Raised: USD 100,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Citi
- Details: Citi is a leading global bank with approximately 200 million customer accounts and operates in more than 160 countries and jurisdictions.
- Investment Focus Areas: Financial services, technology, infrastructure
- Notable Investments: Not publicly disclosed
- WestCap
- Details: WestCap is a growth equity firm that partners with visionary leaders to build generational companies. Founded by Laurence Tosi, former CFO of Airbnb and Blackstone.
- Investment Focus Areas: Technology, financial services, consumer
- Notable Investments: Airbnb, StubHub, iCapital Network
- Barclays
- Details: Barclays is a British multinational investment bank and financial services company headquartered in London.
- Investment Focus Areas: Banking, investment management, financial services
- Notable Investments: Not publicly disclosed
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm.
- Investment Focus Areas: Investment banking, asset management, securities
- Notable Investments: Not publicly disclosed
- J.P. Morgan
- Details: J.P. Morgan is a global leader in financial services offering solutions in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and private equity.
- Investment Focus Areas: Investment banking, asset management, financial services
- Notable Investments: Not publicly disclosed
What's Next for SIMON?
SIMON stands at the cusp of significant growth opportunities, driven by the increasing demand for digital wealth management solutions. With a platform that serves over 100,000 financial professionals managing $5 trillion in client assets, the company is well-positioned to advance its core offerings in structured investments and annuities. The focus on product and geographic expansion presents a substantial opportunity for SIMON to enhance its market presence and democratize access to alternative investment solutions.
Future fundraising opportunities appear promising, given the vibrant environment for venture capital funding and the strategic involvement of investors like WestCap. These funds could fuel further innovation and expansion, enabling SIMON to stay ahead in a competitive landscape. However, the company may face challenges such as regulatory compliance, technological advancements, and competition from other fintech firms. Navigating these hurdles will be crucial for SIMON to maintain its growth trajectory and continue transforming the digital wealth management industry.
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