Sydecar, a platform making it simpler and more efficient for venture fund and syndicate managers to form Special Purpose Vehicles and funds by automating banking, compliance, contracts, and reporting, announced the closing of an oversubscribed $11 million Series A funding round. The funding was led by Deciens Capital, a venture capital firm that supports early-stage founders building the next generation of financial services and shaping the future of finance, with participation from Pipeline Capital Partners and Runa Capital. Sydecar has raised over $28 million since being founded, including $8.3 million in seed funding in April 2022.
Sydecar’s Series A funding will be used to expand the company’s product suite, reach new customers, and scale distribution through new channel partners. And Sydecar simplifies the onboarding and user experience for General Partners (GPs) and Limited Partners (LPs), providing greater transparency into investments, fees and funding status. Additionally, by automating the ongoing administration of these vehicles, Sydecar ensures increased compliance, accuracy, and a reduced administrative burden for GPs.
Through Sydecar, customers can launch an investment vehicle in a matter of hours, not days, playing a crucial role as the private market landscape continues to evolve. The platform streamlines everything from investor management to deal tracking and communications, helping syndicates and funds operate with precision and efficiency.
Sydecar’s funding highlights the trust and reliability it has earned from professional venture investors and its accelerated growth, having doubled year-over-year revenue for the past two years and surpassed $1.6 billion in assets under administration. This financing also further solidifies Sydecar as a leading private markets deal execution platform, even in the face of prevailing pessimism around funding.
KEY QUOTES:
“This financing highlights our success in the venture asset class. We remain committed to our venture customers and community, and with the support of our investors, we will continue delivering best-in-class products and experiences. We are one step closer to achieving our mission of building the infrastructure that powers private markets.”
– Nik Talreja, CEO and co-founder of Sydecar
“We are happy customers and investors. Sydecar’s technology and standards enable a model that delivers an incredible value proposition for deal organizers – high value and lower cost. This drives long-term sustainability for its deal organizers and Sydecar itself. We have the utmost confidence in Nik and the team to build the infrastructure that will capture and expand the opportunity of private markets. As Sydecar removes friction from the market, many more transactions become possible.”
– Vishal Rana, Partner at Deciens Capital
