US-based wealthtech Arch has raised $52 million in a Series B funding round led by Oak HC/FT.
Existing investors Craft Ventures and Quiet Capital also supported Arch’s latest fundraise, alongside Menlo Ventures, which led a $20 million Series A raise for the company in November 2023.
With Citi Ventures, Carta, GPS Investment Partners, and Focus Financial Partners also among the company’s current backers, Arch has now raised nearly $80 million since being founded by CEO Ryan Eisenman, COO Jason Trigg, and CTO Joel Stein in 2018.
The company, based in New York, started out as a solution for automatically collecting K-1 tax documents, but has since evolved into an AI-powered platform for managing private alternative investments. Targeting registered investment advisors (RIAs), family offices, and fund administrators, the front-end platform features integrated tools for document management, data processing, workflow automation, insights generation, and stakeholder collaboration.
A company statement claims the volume of private market assets managed through the platform has risen to more than $250 billion over the last 14 months, now serving around 450 allocators globally, including 150 single family offices and 100 RIAs and multi-family offices.
In comments, Eisenman states: “With this new capital and the support of our partners, we’re expanding our suite of CIO tools, developing new features within our client portal and enhancing reporting capabilities for limited partners.”
Upcoming developments will include the launch of Arch Pay, a new feature designed to automate the capital call process and eliminate the manual handling of payment requests between investment funds and their limited partners.
Source: https://www.fintechfutures.com/
