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Jason Wenk, CEO of Altruist

Technology > Investment Platforms

Altruist Hits $1.5B Valuation After Latest Funding Round

By Dinah Wisenberg Brin

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What You Need to Know

  • Altruist recently raised $169M in a Series E raise.
  • The company has reached unicorn status.
  • The round was led by led by ICONIQ Growth; a partner at that firm will join Altruist's board.

Altruist, a custodian for independent registered investment advisors, has hit “unicorn” status, reaching a valuation over $1.5 billion after a $169 million Series E funding round led by ICONIQ Growth, the company announced Thursday.

Altruist didn’t cite a valuation when it announced a $112 million Series D funding round in April 2023, but PitchBook reported it this week as $962 million.

The latest raise, which follows 550% year-over-year revenue growth and, for the second straight year, a tripling in assets under management, brings the startup’s total funding to over $450 million.

New investor Granite Capital Management participated in the round, as did existing backers Adams Street Partners and Sound Ventures. In conjunction with the funding, Yoonkee Sull, general partner at ICONIQ Growth, will join the Altruist board.

“With a fully-featured and vertically integrated platform built for RIAs, Altruist is breaking through in an industry desperate for innovation,” Sull said in a statement.

“It’s rare to see a new company in the custodian space nail the fundamentals while carving out a substantial customer base in a market dominated by legacy financial institutions. Jason Wenk is a serial entrepreneur who has been pushing the category forward for nearly two decades, and with Altruist, he has built one of the most trusted names with RIAs today,” Sull added.

Wenk, Altruist’s founder and CEO, said, “In the 15 years I spent serving clients as an RIA, we’d run into the same problems over and over — it didn’t matter if we had $10 million under management, $100 million, or billions.

“Features that were obviously better and available to retail investors weren’t available to people working with advisors. The best way to help more people get more from their money is to provide independent advisors with better software, better service, and the tools to drive better client outcomes.”

In addition to self-clearing brokerage capabilities, Altruist said its technology automates and simplifies administrative work, integrates with adjacent services and streamlines portfolio management tasks so that advisors have more time for client-facing activities. Last year the company eliminated all software fees for advisors using its brokerage accounts.

“Altruist is able to innovate much faster than legacy incumbents because the company is solely focused on RIAs,” Adams Street partner Robin Murray said. “This focus produces significant productivity and cost benefits for independent advisors.”

Pictured: Altruist founder and CEO Jason Wenk

Dinah Wisenberg Brin

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