Investment management platform FundGuard has raised $40 million in a Series B funding round.
The round saw participation from Citi, State Street, Blumberg Capital, LionBird Ventures and Team8 Capital, among others. This brings the company’s total capital raised to date to over $55 million.
FundGuard CEO and co-founder Lior Yogev says the investment is “an endorsement of our vision to build a new generation of global asset management capabilities for asset managers and their service providers.”
Software-as-a-Service (SaaS) platform uses cloud and AI technology to enable asset managers and fund administrators to efficiently manage mutual funds, ETFs, hedge funds, commodities insurance and pension funds.
FundGuard chairman John Lehner, a former BNY Mellon executive, said the funding will allow the firm to expand its workforce, “so that we can meet the demand we’re seeing from asset managers and service providers who realize their legacy technologies are too expensive and can’t do what they need to do.”
The company says it has had a busy 12 months and has expanded its customer base with new clients as asset managers, fund administrators and custodian banks.
It also launched an enhanced investment accounting solution, including support for digital assets.