FundGuard, the AI-powered SaaS investment management and asset servicing enterprise platform, announced that it has closed a $40 million Series B funding round. The investment round included large strategic investors Citi and State Street Corp, who joined initial investors Blumberg Capital, LionBird Ventures, Team8 Capital, and other investors to back the company's future-ready technology approach to asset servicing.
https://twitter.com/FundGuard/status/1516713451225325571
This round of financing comes after a busy 12 months for FundGuard including landing asset manager, fund administration and custody bank customers, launching its enhanced investment accounting solution, including support for digital assets, and announcing the appointment of John Lehner, former State Street and BNY Mellon executive as FundGuard's president.
"Having the world's leading financial services organizations join us as strategic partners and investors is an exciting endorsement of our vision to build a new-generation of global asset servicing capabilities for asset managers and their service providers," said Lior Yogev, FundGuard CEO and co-founder.
FundGuard President John Lehner added: "By harnessing the cloud and AI, our technology enables our clients to be more cost effective and offer new and innovative products at scale. This new investment will allow us to accelerate our growth and continue to attract top talent so that we can meet the demand we are seeing from asset managers and service providers who realize their legacy technology, simply put, costs too much and can't do what they need it to do."
Okan Pekin, Citi's Global Head of Securities Services commented: "We are thrilled to partner with FundGuard as they have built an attractive investment servicing platform that complements our vision to leverage cloud technologies to unlock the power of data for the benefit of our clients."
With $27.8 trillion1 in assets under custody and the industry-leading proprietary network with branches in 63 countries and global access to over 100 markets, Citi Securities Services provides clients with extensive on-the ground local market expertise, innovative post-trade technologies, customized data solutions and a wide range of custody and fund services that can be tailored to meet clients' needs.s
John Plansky, Head of State Street Alpha commented: "We are excited to partner with FundGuard and its comprehensive, cloud-native accounting platform to support our Alpha strategy."
The series B round brings total investment in FundGuard to more than $55 million in 3.5 years.
Source: FundGuard