Farther, a prominent wealth management firm based in New York City, recently closed a successful $72 million Series C funding round on October 10. The funding was co-led by CapitalG, the independent growth fund of Alphabet, Google’s parent company, and Viewpoint Ventures.
With over $5 billion in assets under management, 100+ wealth managers, and 5,000 clients, Farther is known for its technology-centric approach to wealth management. The firm’s custom-built technology allows advisors to spend 90% of their time on client interactions and prospecting, a significant increase from the industry standard.
This latest round of funding has pushed Farther’s valuation to over half a billion dollars, reaching $542 million. This valuation is nearly quadruple the previous valuation of $131 million from late last year. Farther’s impressive growth is reflected in its status as the fastest-growing Registered Investment Advisor (RIA).
In addition to CapitalG and Viewpoint Ventures, Farther’s existing investors include Bessemer Venture Partners, Context Ventures, Cota Capital, Lightspeed Venture Partners, MassMutual Ventures, Moneta Ventura Capital, and Khosla Ventures.
CEO and co-founder of Farther, Taylor Matthews, emphasized the firm’s commitment to enabling advisors to focus on delivering value to their clients by removing operational and administrative hurdles. This approach has created growth opportunities for advisors and allowed them to offer a superior experience to their clients.
By surpassing the $5 billion mark in assets under management, Farther has achieved a significant milestone, reflecting five times year-over-year growth. The latest funding will be instrumental in expanding Farther’s advisor network and enhancing its wealth management platform.
Matthews expressed his excitement about the new investment, stating that it will help Farther set a new benchmark for wealth management advisors and clients alike. The firm plans to continue enhancing its technology to provide an even better experience for all stakeholders.
With this latest development, Farther is well-positioned to continue its growth trajectory and solidify its position as a leader in the wealth management industry. The support from Alphabet’s CapitalG and other investors underscores the confidence in Farther’s innovative approach to wealth management.
As a journalist for The American Bazaar, Mythili Devarakonda brings a wealth of experience and expertise to her reporting. With a background in journalism and a passion for serving the Indian American and South Asian communities, Mythili is dedicated to delivering quality news and insightful coverage to her readers. Her commitment to excellence and her track record of success make her a valuable asset to The American Bazaar and its audience.
