Technology-centric financial advisory firm Farther has secured $72m in a Series C funding round, aimed at expanding its adviser network and enhancing its wealth management platform.
The latest financing round increases the wealth management firm’s post-money valuation to $542m. The round was co-led by CapitalG, the independent growth fund of Alphabet, and Viewpoint Ventures.
CapitalG general partner Jesse Wedler said: “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.”
The investment follows a period of significant growth for Farther, which has now surpassed $5bn in assets under management (AUM). This represents a fivefold increase year-over-year for the company.
According to Farther, the success comes on the heels of its proprietary technology, designed to improve operational efficiency, boost advisor productivity, and expedite asset growth.
Farther’s platform allows advisors to spend 90% of their time on client interactions and prospecting, four times more than the industry average, enabling them to grow their business more rapidly and enhance client service, said the firm.
In addition, the advisers at Farther are said to benefit from a transparent payout structure and equity in the firm.
Farther CEO and co-founder Taylor Matthews said: “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.”
The new funding round has enabled Farther to raise over $118m in total funding. Previous investors in the firm include Context Ventures, Cota Capital, Bessemer Venture Partners Khosla Ventures, Lightspeed Venture Partners, Moneta Venture Capital and MassMutual Ventures.
Farther had previously raised $31m in a Series B funding round in September 2023, led by Lightspeed Venture Partners, and $15m in a Series A financing round in August 2022, led by Bessemer Venture Partners.
