Farther – the technology-centric wealth management firm – announced the closure of its oversubscribed Series B, securing $31 million in investments for the round.
This development has propelled the firm’s valuation to $131 million, “marking a 2.5x increase compared to its previous valuation – all within a span of approximately 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 investment round “elevates the total capital raised by Farther since its inception in 2019 to $53 million.”
Farther Co-Founder and CEO Taylor Matthews said:
“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.”
Founded by Taylor Matthews and Brad Genser, Farther combines financial advisors with custom, technology to deliver a frictionless client experience.
With modern infrastructure that expands both the scope and scale at which advisors can serve their clients, the platform not only “provides clients with transparency, access, and control, but also allows 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 will 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 investment infusion 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 announced “a $15 million Series A funding round.”
Earlier in 2023, Farther also “announced 5x year-over-year growth in AUM, reaching nearly $700 million as of April 2023.”
As Farther continues its 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.”