Farther Raises $31 Million in Series B Funding, Doubling Valuation to $131 Million

Published 7 months ago

Farther, a wealth management firm, has secured $31 million in a Series B funding round. The round included participation from Lightspeed Venture Partners and existing investors, thereby more than doubling the firm’s valuation to $131 million.

Taylor Matthews and Brad Genser, the founders of Farther, attribute the total $53 million raised since the company’s inception to their vision for the firm. Farther combines expert advisors with modern technology, focusing on delivering a superior experience for clients.

Matthews, the current CEO, stated that the firm’s approach had successfully attracted backing from top-tier venture capitalists through the Series A and Series B funding rounds. The list of existing investors comprises respected entities such as Bessemer Venture Partners, Cota Capital, Khosla Ventures, MassMutual Ventures, and Moneta Venture Capital.

Farther’s Rapid AUM Growth

Since its launch four years ago, Farther has experienced significant growth in Assets Under Management (AUM), including a five-fold increase announced in April 2023. The firm’s AUM at that time neared $700 million, and the fast pace of growth suggests Farther may soon surpass the $1 billion milestone.

Farther’s core offering includes a platform that provides robust client service and consolidates all client accounts and products under a single login. The platform also equips advisors with the necessary tools to grow their books, simplifying administrative tasks and enabling them to focus on in-depth problem-solving for clients.

Disrupting Wealth Management Norms

Justin Overdorff, a partner at Lightspeed Venture Partners, highlighted the firm’s disruptive potential in the wealth management sector. He pointed out that the sector has long struggled with inefficient processes, outdated technology, and restrictive advisor compensation structures, and Farther is actively challenging these norms.

Overdorff stated that Farther’s dynamic platform empowers advisors and paves the way for scalable expansion, making the investment in the firm particularly attractive.