MyFO, a Canadian platform catering to family offices and wealth management professionals, has closed its $3.5 million seed funding round, led by Rhino Ventures.
The oversubscribed round will help the company scale operations, enhance product offerings, and expand its team as it seeks to meet the increasing demand for more efficient family office management solutions.
MyFO’s platform consolidates data, documents, and stakeholder management into a single, secure interface.
As family offices continue to grow—there are now more than 7,000 globally, managing assets worth over $5.9 trillion—industry professionals are facing challenges due to outdated systems and fragmented technology.
The family office sector is predicted to generate revenues exceeding $54.7 billion by 2032, underlining the need for more streamlined and integrated solutions. Traditional family office systems can be costly and inefficient, with expenses often reaching $1 million per year.
Addressing these challenges, MyFO offers a platform designed to be user-friendly and secure.
While many tech firms focus on artificial intelligence, MyFO’s primary goal is to provide an intuitive solution tailored to the specific needs of family offices, particularly those with high privacy and data security concerns.
The platform leverages advanced technology for data ingestion but prioritizes thoughtful innovation over following trends.
“MyFO is committed to transforming family office operations by providing a platform that combines cutting-edge technology with an understanding of our clients’ needs,” said Simrang Kang, CEO and Co-Founder of MyFO. “We’ve observed the difficulties family offices face with outdated systems, and our goal is to streamline their processes while ensuring data security.”
The platform is the first to offer a fully integrated solution that covers all aspects of family office management in one dashboard. Its features include state-of-the-art analytics, scenario modeling tools, and benchmarking capabilities, supporting strategic decision-making for wealth management professionals.
With only 16% of family offices currently using data aggregation tools, MyFO’s streamlined solution meets a clear market demand. “In such a niche industry, the experience and vision of the founding team are critical,” said Jay Rhind, Partner at Rhino Ventures.
Traditional onboarding for family office clients can take up to 18 months, but MyFO aims to simplify the process, reducing it to just a few hours.