Farther – a leading technology-centric wealth management firm – recently announced the successful closing of its oversubscribed Series B, securing $31 million in investments for the round. This achievement propelled the firm’s valuation to $131 million, marking a 2.5x increase compared to its previous valuation – within about one year since the successful completion of its Series A funding round.
Farther’s Series B funding round was led by Lightspeed Venture Partners, joining existing investors Bessemer Venture Partners, Cota Capital, Khosla Ventures, MassMutual Ventures, and Moneta Venture Capital. This latest funding round elevates the total capital raised by Farther since its inception in 2019 to $53 million.
Launched by Taylor Matthews and Brad Genser, Farther combines expert financial advisors with custom cutting-edge technology to deliver an unparalleled client experience. With a modern infrastructure that expands the scope and scale at which advisors can serve clients, the platform not only provides clients with transparency, access, and control but also enables advisors to earn and accelerate the growth of their books – streamlining administrative tasks to focus on in-depth problem-solving for clients.
This funding round is going to support Farther in elevating its proprietary wealth management portal – which offers clients a single, unified view of all of their financial products and holdings via one login. This funding round will also enable Farther to continue providing advisors with a competitive compensation structure – substantially stronger than at traditional institutions – and technology that frees Farther’s advisors to spend up to 90% of their time engaging with clients and prospects.
In August 2022, Farther revealed a $15 million Series A funding round. Earlier this year, Farther also announced 5x year-over-year growth in AUM, reaching nearly $700 million as of April 2023.
As Farther continues its rapid growth trajectory, the firm looks forward to enhancing its technology – providing elite experiences to both clients and advisors alike while continuing to recruit and retain premier advisory and engineering talent.
KEY QUOTES:
“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
