Farther Raises $15 Million in Series A Funding Round Led by Bessemer Venture Partners, with Khosla Ventures and MassMutual Ventures Joining as New Investors
August 11, 2022
August 11, 2022 – WealthTech firm Farther today announced raising $15 million in a Series A funding round, which was led by Bessemer Venture Partners and included Khosla Ventures and MassMutual Ventures as new investors. They join existing investors, Moneta Venture Capital, Context Ventures, and Cota Capital. The funding round brings the total amount raised since Farther’s founding in 2019 to $22 million and boosts its valuation to $50 million.
Farther is a new kind of financial institution: combining expert advisors and cutting-edge technology to deliver a comprehensive, personalized client experience. The Series A funding will facilitate Farther’s continued growth and innovation in the wealth management space. Founded by Taylor Matthews and Brad Genser, Farther is on an exponential growth trajectory. In the first half of 2022 alone, Farther nearly quadrupled its assets under management to over $250 million and doubled its staff size to over 50 employees across the country, including advisors, engineers, and product team members.
“We are delighted to have the deep industry experience that our investors bring to Farther and our clients. As we move forward in our mission to revolutionize the traditional wealth management industry and deliver an unparalleled experience for every client, their support is invaluable,” said Farther Co-Founders Taylor Matthews and Brad Genser. “The COVID-19 pandemic created a seismic shift in the way that people manage their finances. Legacy institutions suffer from bolted-together technology, fundamentally flawed incentive structures, and costly overhead that too often gets passed on to clients. At Farther, every client receives an elite, personalized experience — with advanced technology and expert financial advice.”
“At Bessemer, we have a long and successful history of investing in innovative models in the wealth management industry,” said Charles Birnbaum, Partner at Bessemer Venture Partners.
“We are thrilled to be backing the Farther team, as they continue to build a leading firm for wealth advisors to serve their clients – using the most powerful technology platform on the market.”
Farther’s rapid growth and successful Series A round are also enabling robust new partnerships on an ongoing basis. The firm is constantly innovating the world-class Farther technology platform to build new offerings that connect clients with diverse investment opportunities in one, convenient location.
New partners include:
- Linqto: Farther clients will have access through Linqto to invest individually in the world’s leading private tech companies.
- Masterworks: Clients will be able to use Masterworks to invest in exclusive blue-chip art.
- Neuberger Berman: The NB Custom Direct Investing (CDI)™ platform enables Farther to offer portfolios tailored to each client’s objectives and values while seeking better after-tax outcomes.
- Policygenius: The Policygenius Pro platform allows Farther clients to easily and confidently access the term life insurance that best fits their needs.
Farther’s Venture Capital Investors Share Why They Teamed Up with the Fast-Growing Wealth-Tech Firm:
“At Khosla Ventures, we love large challenges that are ripe for technology solutions,” said Ece Wyrick, Principal at Khosla Ventures. “For too long, the wealth management sector relied on legacy models, limiting advisors’ ability to spend time with their clients and grow their business. Farther is bringing powerful technology combined with premier advisors to enable new and more personalized solutions to this antiquated model, and we are excited to be working with them."
“We are excited to support Farther and its mission to transform the way that advisors and clients approach wealth management,” said Charles Svirk, Principal at MassMutual Ventures. “Through its seamless, integrated platform and expert team of advisors, Farther is meeting the needs of modern clients as our economy and means of work continue to shift.”
“Serving in the military, you learn how to quickly adapt to changing circumstances and leverage technology to its maximum benefit,” said Tim Hsia, Managing Partner at Context Ventures and a veteran of the U.S. Army. “Farther, which is co-founded by U.S. Army veteran Brad Genser, identified the changing circumstances in wealth management and is using technology to create a new and better experience for advisors and clients alike. We are proud to partner with Farther to help modernize wealth management.”
“Farther represents a next-generation approach to wealth management,” said Babak Poushanchi, Founder & Managing Partner at Cota Capital. “The old approach was upended by new ways of working during the COVID-19 pandemic. The way of the future leverages cutting-edge technology to meet people where they are. Farther is capitalizing on this shift in how families interact with their financial advisors.”
“Utilizing integrated data to bring a holistic wealth picture to bear against personal financial plans, Farther takes its clients beyond traditional models of wealth management,” said Meirav Har Noy, Co-Founder & Managing Partner at Moneta Venture Capital. “We also recognize that complex industries, such as wealth management, require human education, advice, and judgment. Farther combines the latest technology with the critical human touch of an advisor. As an early investor in the previous seed round, Moneta is proud to support Farther — and we look forward to continuing on this successful path together.”
Farther is a new kind of financial institution: combining expert advisors and cutting-edge technology to deliver a comprehensive, personalized client experience. Backed by Bessemer Venture Partners, Context Ventures, Cota Capital, Khosla Ventures, MassMutual Ventures, and Moneta Venture Capital, Farther caters to high-net-worth professionals who are building generational wealth and need a more holistic approach to managing their money.