Wealth management firm Farther more than doubles valuation following $31m Series B
Farther has raised $31 million in a Series B funding round which has valued the New York-based wealth management firm at $131 million, more than double previous valuations.
Farther raises $31m Series B
The oversubscribed round was led by Lightspeed Venture Partners, and saw additional participation from existing investors Cota Capital, Khosla Ventures, MassMutual Ventures, Moneta Venture Capital and Bessemer Venture Partners, which previously led the firm’s $15 million Series A of August 2022.
Founded in 2019, Farther’s proposition is based on the combination of technology-driven automation and human-led advisory services, and primarily caters towards wealth advisors and their high-net-worth clients. To date, the company claims to have raised $53 million in investment, and as of April 2023, has close to $700 million in assets under management.
Speaking on the latest round of funding, the firm’s co-founder and CEO, Taylor Matthews, confirmed that it will be applied to “strengthening the team and the technology” amid the “continued appeal of our approach”.
More specifically, the investment will be used towards “elevating” the firm’s proprietary wealth management portal and aiding its provision of a “competitive compensation structure” for advisors.
