FundGuard announced that it has closed a $12 million Series A funding round led by Team8 and existing investors Blumberg Capital and LionBird Ventures. The investment will spur product development to support FundGuard’s partnerships with several of the world’s largest fund administrators and asset managers in addition to meeting increasing demand from alternative funds and insurance companies.
New investors participating in this Series A round include banking and asset management executives Jack Klinck, a former State Street, and Bank of New York Mellon management committee member; Heidi Miller, an HSBC board director and former president of J.P. Morgan International; Jay Mandelbaum, former head of Strategy at J.P. Morgan, and member of both J.P. Morgan’s and Citigroup’s management committees; Stanton Green, a fintech leader and former senior managing director at Guggenheim Capital, as well as Mindset Ventures and Maccabee Ventures. The financing round brings the total amount of capital raised by FundGuard to $16 million.
Lior Yogev, FundGuard CEO and co-founder, said in a statement: “The industry is ripe for disruption with legacy market infrastructure for investment management struggling to support today’s volumes, complexity of assets, and need for efficiency given the continued fees pressure. There is growing demand for a fully automated, scalable solution that improves operational efficiency and dramatically reduces costs. Our AI-powered, cloud-native platform enables banks, asset managers, and fund administrators to drive efficiencies and enhance transparency by providing a real-time, single source of truth for funds.”
FundGuard manages investments across mutual funds and ETFs, alternatives, insurance, and pensions. The platform automates fund management and administration, improving investment performance through its new-generation AI capabilities and reducing costs with modern workflows and collaboration capabilities.
Jack Klinck, former State Street and Bank of New York Mellon Management committee member, said in a statement: “Asset management and fund administration have been long in need of a technology transformation…The FundGuard team has built an immensely scalable, cloud-native, intelligent platform to replace cumbersome legacy systems and their innovative offering is precisely what the asset management world urgently needs today.”