Lightspeed Leads $31M Round for Tech-Focused RIA Farther
Farther Finance Advisors, a San Francisco-based tech-centric wealth management firm, closed its oversubscribed $31 million Series B funding round led by venture capital firm Lightspeed Venture Partners.
The round included existing venture capital backers Bessemer Venture Partners, Cota Capital, Khosla Ventures, MassMutual Ventures and Moneta Venture Capital.
The capital raise more than doubled the firm’s enterprise valuation to $131 million.
According to a June filing with the Securities and Exchange Commission, Farther, a highly digital registered investment advisor with its own proprietary wealth management software stack, managed $676 million in client assets.
Farther, founded by Taylor Matthews and Brad Genser, offers two sets of tools: one for advisors to build their companies and one for customers to invest in ways that correspond with their goals utilizing automation, artificial intelligence, or one of the advisors. The platform’s fees are set by advisors.
“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.
This latest investment brings the total capital raised since inception in 2019 to $53 million.