Farther closes Series B funding round to gain $131M valuation

Farther closes Series B funding round to gain $131M valuation
Wealthtech firm is also closing in on $1B AUM thanks to fast growth in 2023.
SEP 28, 2023

A Series B funding round has raised $31 million for Farther, as backers including Lightspeed Venture Partners joined existing investors to more than double its valuation to $131 million.

For Taylor Matthews and Brad Genser, founders of the wealth management firm which combines expert advisors with cutting-edge technology, the total $53 million that has been raised since its inception is testament to the vision that they always had for the firm.

“When we founded Farther four years ago, we set out to build a wealth management firm on modern technology that would empower financial advisors to focus their time on delivering a superior experience for clients,” said Matthews, who serves as the firm’s CEO. “We are excited to see the continued appeal of our approach, earning the backing of Lightspeed Venture Partners and other top-tier VCs through our Series A and Series B funding rounds.”

Existing investors include Bessemer Venture Partners, Cota Capital, Khosla Ventures, MassMutual Ventures and Moneta Venture Capital.

HEADING TOWARDS $1 BILLION

The wealthtech firm has seen its AUM grow significantly in the four years since it launched, including a 5x increase year-over-year that it announced in April 2023.

Assets under management at that time were almost $700 million and the fast growth could mean breaking the $1 billion milestone soon.

The firm’s core offering includes a platform which provides strong client service with all their accounts and products under one login, while also giving advisors the tools to earn and accelerate the growth of their books — streamlining administrative tasks to focus on in-depth problem-solving for clients.

Justin Overdorff, partner at Lightspeed Venture Partners, explained that this is part of what made the investment in the firm attractive.

“The registered investment advisor sector has long grappled with inefficient processes, outdated technology, and constraining advisor compensation structures," he said. “Farther is actively disrupting the conventional norms of wealth management, crafting a dynamic platform that empowers advisors and paves the way for scalable expansion.”

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