Farther's AUM Surges 5x Year-Over-Year,
Surpassing $5B
NEW
YORK, Oct. 10, 2024 /PRNewswire/ -- Farther, the
leading technology-centric financial advisory firm, closed a
$72 million Series C funding round to
expand its advisor network and enhance its wealth management
platform. Co-led by CapitalG, the independent growth fund of
Alphabet (Google's parent company), and Viewpoint Ventures, this
funding round elevates Farther's post-money valuation to
$542 million.
The funding comes as Farther surpasses $5
billion in assets under management (AUM), a milestone that
reflects 5x year-over-year growth. This success underscores the
power of Farther's proprietary, custom-built
technology – which drives operational efficiencies,
boosts advisor productivity and payouts, and accelerates asset
growth.
"We built Farther to enable advisors to focus on what truly
matters: delivering value to their clients," said Taylor Matthews, CEO and co-founder of
Farther. "Removing operational and administrative hurdles
creates growth opportunities for our advisors, and they can offer a
superior experience to even more clients. This capital infusion
signals strong market confidence in that vision. With this
investment, we will continue enhancing Farther's technology to set
a new benchmark for wealth management advisors and clients
alike."
Seasoned advisors are drawn to Farther's cutting-edge
technology, white-glove support, and advisor-first culture.
Farther's technology enables advisors to dedicate 90% of their time
to client interactions and prospecting – 4x more than is
typical. That helps them simultaneously grow their books of
business faster and deliver more for their clients. Free from
mandatory minimums and non-compete agreements, advisors are
empowered to build client bases that align with their personal
goals, backed by a transparent payout structure and equity in the
firm.
"At CapitalG, we take a deep, thesis-driven approach to
investments. We spent years looking for companies with the
potential to transform the wealth management industry. We were
drawn to Farther both for its strong leadership team and for its
unique business model which pairs world-class, proprietary
technology with human expertise. This creates an ideal environment
in which both advisors and clients flourish, and a flywheel which
will continue to attract best-in-class advisors to the Farther
platform," said Jesse Wedler,
general partner at CapitalG. "We look forward to helping them
further scale their innovative wealth management business."
"We've been impressed with how fast Farther is growing
organically, especially in an industry where growth has mostly come
from M&A," said Drew Aldrich,
founder and managing partner of Viewpoint Ventures.
"Viewpoint's thesis-driven strategy was purpose-built to invest in
firms, like Farther, that transform human-powered markets. In our
experience, attracting the best advisors to a tech-enabled platform
like Farther's leads to accelerating advantage and, ultimately,
industry dominance."
With the latest investment, Farther has raised more than
$118 million in total funding. The
company's existing investor base includes Bessemer Venture
Partners, Context Ventures, Cota Capital, Khosla
Ventures, Lightspeed Venture Partners, MassMutual Ventures, and
Moneta Venture Capital.
About Farther
Farther is the nation's leading
technology-centric wealth management firm – empowering expert
advisors with cutting-edge technology to deliver an efficient,
comprehensive, and elite client experience. The fastest-growing RIA
in the country, Farther manages over $5
billion in assets across 100+ wealth managers and 5,000
clients. For more information, visit https://farther.com/.
About CapitalG
CapitalG, Alphabet's independent growth
fund, invests in remarkable companies transforming the fields of
enterprise infrastructure, security, and data; fintech; and
consumer services and marketplaces. CapitalG partners with growth
stage companies in their transition from startup to scale up
through hands-on assistance from its in-house growth team and
connections to Google's engineering, product, marketing, sales and
people operations experts worldwide. More than 35,000 Googlers and
Alphabet leaders have engaged with CapitalG portfolio companies,
including Airbnb, CrowdStrike, Databricks, Duolingo, Freshworks,
Gusto, Lyft, Stripe, UiPath and Zscaler, among others. Learn more
at https://capitalg.com/.
About Viewpoint Ventures
Viewpoint Ventures is a
thesis-driven, late-stage venture capital firm based in
New York City. The firm focuses on
businesses that empower human "producers" (such as advisors,
agents, and brokers) with technology and services to unlock growth.
Viewpoint targets industries where producers are central, including
wealth management, real estate, and insurance. Learn more at
https://www.viewpoint.vc/.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/farther-secures-72-million-series-c-from-capitalg-and-viewpoint-ventures-to-continue-revolutionizing-wealth-management-302273094.html
SOURCE Farther