bunch, a Fintech seeking to private markets, has announced the closing of a $15.5 million Series A funding round.
The funding was led by FinTech Collective, along with existing investors including, Cherry Ventures and Motive Ventures.
Other investors in the round were Broadhaven Ventures and former AngelList Europe Head Philipp Moehring’s TinyVC, as well as angel investors, including founders and executives from Klarna, Moonfare, and Kinnevik.
As Private markets are growing, bunch sees opportunity as they believe the industry is still reliant on “outdated tools and methods, such as sloppy spreadsheets, complex workflows, and paper-based processes, reminiscent of the 1980s.”
With more and more investors pushing to participate “in private markets, this rapid expansion has created an urgent need for modernisation in the industry’s workflow infrastructure and data management systems.”
Founded in late 2021 by Levent Altunel and Enrico Ohnemüller, bunch is described as an “end-to-end platform that enables sophisticated funds and investors to operate, administrate, and transact within private markets, in a seamless and secure manner.”
The data-centric approach “helps GPs and LPs save time, money, and mental energy by reducing complexity and replacing legacy providers with tech, as bunch heavily leverages AI and automation workflows.”
This allows GPs to focus on what they do best: raising capital and investing. In turn, bunch’s solution also makes LPs’ lives “much easier as they use bunch as their Private Markets system of records.”
Levent Altunel, co-founder of bunch:
“Alternative Assets are the fastest-growing asset class, yet their operational processes remain stuck in the past.”
Enrico Ohnemüller, co-founder of bunch:
“Our Series A funding will accelerate bunch’s mission to bring this trillion-dollar industry into the 21st century, driving a much-needed digital transformation. We are thrilled to have true private market experts as investors supporting our vision of transforming the space and are excited to bring our innovative solutions to more investors across Europe and beyond,”
In just over two years, bunch claims it “has earned the trust of leading fund managers and institutional LPs across Europe and beyond, who have collectively committed over €2 billion through the platform.”
The private markets data sector is “experiencing significant growth, with the industry expected to reach $18 billion by 2030, growing at 12% annually from its current $8 billion size. This growth reflects the increasing demand for standardised data, benchmarks, and analytics that enable investors to better allocate more capital to private markets. bunch’s data-centric approach allows investors to store all private market data points in one place, and have access to up-to-date information at any time.”
With this new funding, bunch plans “to accelerate its growth by expanding into new asset classes and geographies, with a particular focus on the UK market and Private Equity clients.”
The company will also invest in “enhancing its platform capabilities, providing more insights to professional LPs through digital analytics and growing its team of fintech and investment experts.”