Farther, a New York startup tapping technology to drive wealth management, has raised $31 million in a Series B round led by Menlo Park, Calif.-based Lightspeed Venture Partners. Other participants in the round were predominantly West Coast firms — Bessemer Venture Partners, Cota Capital, Khosla Ventures, and Moneta Venture Capital — and MassMutual Ventures.
So far, Farther has raised $53 million since its inception in 2019. The latest round valued the company at $131 million, a jump of 2.5 times in about a year since its Series A round, Farther said. It is nearing a landmark $1 billion in assets under management.
“When we founded Farther four years ago, we set out to build a wealth management firm on modern technology that would empower financial advisors to focus their time on delivering a superior experience for clients,” said Farther co-founder and CEO Taylor Matthews, who was previously an investment banker and management consultant.
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Farther was co-founded by Matthews, who previously established a social enterprise in India called Essmart, and Brad Genser, an Iraq war veteran and former Goldman Sachs executive. Matthews was a member of the leadership team at ForUsAll, helping the retirement advisory firm jump from $25 million in assets under management to just under $1 billion in two years. He received an MBA degree from MIT Sloan, and degrees in philosophy and political science from Yale. Genser graduated from the U.S. Military Academy at West Point, and received both an SM in Mechanical Engineering and an MBA from MIT.
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Farther says it aims to marry “cutting-edge technology with human expertise and judgment,” delivering better returns on investment. In this quest, it is served by Genser, the company’s chief technology officer who built a predictive AI platform during his time at Goldman.
“The registered investment advisor sector has long grappled with inefficient processes, outdated technology, and constraining advisor compensation structures,” said Justin Overdorff, partner at Lightspeed Venture Partners, which manages nearly $19 billion raised from investors. “Farther is actively disrupting the conventional norms of wealth management, crafting a dynamic platform that empowers advisors and paves the way for scalable expansion.”