Farther raises $31 million

Wealth management startup Farther has closed a $31 million Series B round at a valuation of $131 million. The round was led by Lightspeed Venture Partners and included participation from Bessemer Venture Partners, Cota Capital, Khosla Ventures, MassMutual Ventures, and Moneta Venture Capital. Farther has raised $53 million since its inception in 2019.

Based in New York, Farther combines expert financial advisors with “custom, cutting-edge technology.” The funding will support the startup in elevating its wealth management portal – which offers clients a single, unified view of all of their financial products and holdings via one login.

Farther reached $700 million in assets under management as of April 2023.

“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. 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. With this new round, we will continue strengthening the team and the technology that makes Farther the best platform for wealth advisors and their clients.” – Farther co-founder and CEO Taylor Matthews.

“The registered investment advisor sector has long grappled with inefficient processes, outdated technology, and constraining advisor compensation structures. Farther is actively disrupting the conventional norms of wealth management, crafting a dynamic platform that empowers advisors and paves the way for scalable expansion.” – Justin Overdorff, partner at Lightspeed Venture Partners.