Alto Solutions, Inc. (Alto), a U.S.-based self-directed IRA platform making it easier for individuals to access and invest in alternative assets using their retirement funds, announced on Tuesday it raised $17 million through its Series A funding round, which was led by Unusual Ventures, with additional participation from Moment Ventures, Acrew Capital, Alpha Edison, Carta, Coinbase Ventures, Franklin Templeton, New York Life Ventures, and Stone Ridge Holdings Group.
Founded in 2016, AltoIRA offers an easy-to-use investing platform that empowers everyday investors to diversify their IRAs by investing in alternative assets such as private equity, venture capital, real estate, loans, and cryptocurrency.
“Offering Traditional, Roth, SEP, and Crypto IRAs, Alto is bringing alternative investments to the mainstream. Everyday investors can now easily and cost-effectively access their retirement savings to invest in assets once reserved solely for high-net-worth individuals. Investors can use their Alto IRA to invest in opportunities from their own private network or participate in deals offered by AngelList, EquityZen, Masterworks, Wefunder and other investment platform partners.”
Eric Satz, founder and CEO of Alto, spoke about the company’s growth by stating:
“I founded Alto after spending weeks of frustration trying to navigate the outdated manual processes used by legacy self-directed IRA custodians, not to mention their endless fee menus. There’s a lot of friction and unnecessary costs in the self-directed retirement industry, and Alto is on a mission to eliminate them. This funding round will rapidly accelerate the implementation of our vision and product roadmap.”
Alto added it will use the investment to accelerate the development of new products, further enhance its existing capabilities, and expand its product and engineering teams.