What You Must Know
- Altruist just lately raised $169M in a Sequence E increase.
- The corporate has reached unicorn standing.
- The spherical was led by led by ICONIQ Development; a accomplice at that agency will be part of Altruist’s board.
Altruist, a custodian for unbiased registered funding advisors, has hit “unicorn” standing, reaching a valuation over $1.5 billion after a $169 million Sequence E funding spherical led by ICONIQ Development, the corporate introduced Thursday.
Altruist didn’t cite a valuation when it introduced a $112 million Sequence D funding spherical in April 2023, however PitchBook reported it this week as $962 million.
The most recent increase, which follows 550% year-over-year income development and, for the second straight yr, a tripling in property underneath administration, brings the startup’s whole funding to over $450 million.
New investor Granite Capital Administration participated within the spherical, as did current backers Adams Avenue Companions and Sound Ventures. Along side the funding, Yoonkee Sull, common accomplice at ICONIQ Development, will be part of the Altruist board.
“With a fully-featured and vertically built-in platform constructed for RIAs, Altruist is breaking by in an trade determined for innovation,” Sull stated in an announcement.
“It’s uncommon to see a brand new firm within the custodian house nail the basics whereas carving out a considerable buyer base in a market dominated by legacy monetary establishments. Jason Wenk is a serial entrepreneur who has been pushing the class ahead for almost twenty years, and with Altruist, he has constructed some of the trusted names with RIAs at the moment,” Sull added.