Farther Announces Closing $31 Million Series B Led by Lightspeed Venture Partners, Boosting Valuation to $131 Million

NEW YORK, NY – Farther – the leading technology-centric wealth management firm – announced today the successful closure of its oversubscribed Series B, securing $31 million in investments for the round. This achievement has propelled the firm's valuation to $131 million, marking a 2.5x increase compared to its previous valuation – all within a span of approximately one year since the successful completion of its Series A funding round.

Farther’s Series B funding round was led by Lightspeed Venture Partners, joining existing investors Bessemer Venture Partners, Cota Capital, Khosla Ventures, MassMutual Ventures, and Moneta Venture Capital. This latest round of funding elevates the total capital raised by Farther since its inception in 2019 to $53 million.

“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. “We are excited to see the continued appeal of our approach, earning the backing of Lightspeed Venture Partners and other top-tier VCs through our Series A and Series B funding rounds. With this new round, we will continue strengthening the team and the technology that makes Farther the best platform for wealth advisors and their clients.”

Founded by Taylor Matthews and Brad Genser, Farther combines expert financial advisors with custom, cutting-edge technology to deliver an unparalleled client experience. With modern infrastructure that expands both the scope and scale at which advisors can serve their clients, the platform not only provides clients with transparency, access, and control, but also allows advisors to earn and accelerate the growth of their books – streamlining administrative tasks to focus on in-depth problem-solving for clients. 

This funding round will support Farther in elevating its proprietary wealth management portal – which offers clients a single, unified view of all of their financial products and holdings via one login. This investment infusion will also enable Farther to continue providing advisors with a competitive compensation structure – substantially stronger than at traditional institutions – and technology that frees Farther’s advisors to spend up to 90% of their time engaging with clients and prospects. 

“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. "Farther is actively disrupting the conventional norms of wealth management, crafting a dynamic platform that empowers advisors and paves the way for scalable expansion.”

In August 2022, Farther announced a $15 million Series A funding round. Earlier in 2023, Farther also announced 5x year-over-year growth in AUM, reaching nearly $700 million as of April 2023. 

As Farther continues its rapid growth trajectory, the firm looks forward to enhancing its technology – providing elite experiences to both clients and advisors alike – while continuing to recruit and retain premier advisory and engineering talent.

--------

About Farther

Farther is the leading technology-centric wealth management firm – combining expert advisors with cutting-edge technology to deliver an efficient, comprehensive, and elite client experience. Founded in 2019 and backed by top-tier venture capital firms, Farther caters to high-net-worth professionals who need a more holistic approach to managing their money.