11 July 2024
[DUBLIN] – Asset Class, a financial technology (fintech) company headquartered in Dublin with offices in New York and London, announced today that it has completed an $11.6 million Series A funding round. The round was led by fintech-focused venture capital firm Canapi Ventures, with participation from new and existing investors, including Live Oak Ventures, Plexus Capital, and Total Technology Ventures.
Formed in 2020, Asset Class provides a range of innovative, custom investment management software solutions to clients across financial sectors, with a focus on private equity, venture capital, financial advisory, and commercial lending. Since announcing a seed round of $3 million from Angel Oak Ventures last year, Asset Class has achieved impressive growth as private equity and venture capital fund managers and commercial loan lenders have turned to the firm’s bespoke solutions that help raise capital easily and efficiently and manage the complete end-to-end investor lifecycle.
Asset Class now services more than 300 funds, totaling $33 billion in assets under management, and has built a network of over 15,000 accredited investors.
“As we’ve grown, we like to say that the venture capital, private equity, and commercial lending firms we work with come for the technology we provide and stay for the network we offer,” remarked Ferdinand Roberts, CEO and founder of Asset Class. “Our client-first approach has led us to achieve incredible growth, and this new round of funding will only propel us further on our mission to offer a completely integrated, end-to-end investment management platform in the alternatives space.”
The growth capital will allow Asset Class to expand its employee headcount, specifically in the areas of software and business development. Asset Class intends to capitalize on positive tailwinds impacting the industry, which include growth in the number of private capital funds and accredited investors seeking access, a digital-first landscape, and trillions of dollars ready to be deployed into the alternative fund strategies that Asset Class serves.
“We have been extremely impressed with the growth of Asset Class over the past year,” said Neil Underwood, general partner at Canapi Ventures. “The company’s unrivaled ability to bring secondary market liquidity to the private capital markets and provide fund managers with better investor oversight has positioned the company at the forefront of the industry, opening up many exciting opportunities for the future. We are excited to help them strengthen their position to become the preeminent operating platform for investment management as the alternatives space continues to accelerate.”
Live Oak Ventures, the investment arm of Live Oak Bancshares, Inc., participated in the round to support solutions for its venture capital and private equity customer base.
“We believe there are exciting applications of embedded banking in partnership with Asset Class, and as an investment advisor to Canapi Ventures, Live Oak sees firsthand the need for modern, integrated solutions for alternative investment funds,” said Stephanie Mann, Chief Strategy Officer at Live Oak.
About Asset Class
Asset Class is a fintech company with offices in Dublin, New York, Atlanta, and London. The company delivers bespoke and packaged software to the financial services sector in Europe and the U.S., with a focus on the asset management, commercial lending, and wealth management sectors globally.
For more information, please visit www.assetclass.com.
About Canapi Ventures
Canapi Ventures is a venture capital firm investing in early to growth-stage fintech companies. Our partners have been at the forefront of financial services innovation as operators, investors, bankers, advisors, and regulators. Our venture capital model connects high-quality fintech companies to our extensive network of banks and strategic partners. Canapi Ventures is advised by CenterHarbor Advisors and Canapi Advisors, LLC, a wholly owned subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB). For more information, visit www.canapi.com.
Contacts:
Asset Class:
Sam Roberts
press@assetclass.com
United States: 332-223-4010
Ireland: 353-1-592-5888
Canapi:
FGS Global
Chris Kittredge / Danya Al-Qattan / Kevin Siegel
Canapi-SVC@sardverb.com
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