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Total amount raised
$602M
Latest funding date
2025-04-22
Location
Altruist has successfully raised funding through 7 rounds, with the latest being a Series F led by GIC. The platform is designed for independent financial advisors, integrating account opening, trading, portfolio management, billing, and reporting into one consolidated system.
Keep reading to explore the intricacies of Altruist's fundraising journey and the investors backing this innovative platform.
Altruist has raised funding across six rounds, backed by investors including GIC, ICONIQ Growth, Insight Partners, Venrock, Vanguard, Declaration Partners, Salesforce Ventures, Geodesic Capital, Baillie Gifford, and Carson Family Office.
Keep reading to explore Altruist's fundraising journey, from its $8.5M Series A in 2019 to its $152M Series F in April 2025.
What Is Altruist?
Altruist is an AI-forward custodian and wealth management platform built exclusively for independent registered investment advisors (RIAs). Founded in 2018 by Jason Wenk and headquartered in Culver City, California, Altruist combines a self-clearing brokerage firm with integrated software for account opening, trading, portfolio reporting, fee billing, and automation. The company's mission is to make financial advice better, more affordable, and accessible to everyone. Altruist serves 6,000+ independent advisors and positions itself as a technology-driven alternative to the legacy custodial giants.
How Much Funding Has Altruist Raised?
- Series A (First Close)
- Amount Raised: USD 8,500,000
- Date: November 25, 2019
- Lead Investor: Venrock
- Other Investors: Ron Carson (Carson Group), Bill McNabb (former Vanguard CEO)
- Series A (Second Close)
- Amount Raised: Undisclosed
- Date: January 11, 2021
- Lead Investor: Venrock
- Other Investors: Ron Carson, Bill McNabb
- Series B
- Amount Raised: USD 50,000,000
- Date: May 19, 2021
- Lead Investor: Insight Partners
- Other Investors: Vanguard, Venrock
- Series C
- Amount Raised: USD 110,000,000
- Date: November 2021
- Lead Investor: Declaration Partners
- Other Investors: Venrock, Insight Partners, Vanguard
- Series D
- Amount Raised: USD 112,000,000
- Date: April 12, 2023
- Lead Investors: Insight Partners, Adams Street Partners
- Other Investors: Bill McNabb, Ron Carson, Marty Bicknell
- Series E
- Amount Raised: USD 169,000,000
- Date: May 2, 2024
- Lead Investor: ICONIQ Growth
- Other Investors: Granite Capital Management, Adams Street Partners, Sound Ventures
- Series F
- Amount Raised: USD 152,000,000
- Date: April 22, 2025
- Lead Investor: GIC (Government of Singapore Investment Corporation)
- Other Investors: Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth
- Post-Money Valuation: ~$1.9 billion
Total Amount Raised: At least $601,500,000 based on disclosed funding (Series A second close amount undisclosed).
Key Investors
- GIC
- Details: GIC is Singapore's sovereign wealth fund, established in 1981 to manage Singapore's foreign reserves. With investments in over 40 countries, GIC is one of the world's largest institutional investors. GIC led Altruist's $152M Series F round in April 2025.
- ICONIQ Growth
- Details: ICONIQ Growth is a San Francisco-based venture capital firm founded in 2013, focused on technology companies. Its portfolio includes Adyen, Airbnb, Datadog, and DocuSign. ICONIQ led Altruist's $169M Series E in 2024 and also participated in the Series F.
- Insight Partners
- Details: Insight Partners is a global software investor and private equity firm founded in 1995, based in New York. The firm partners with high-growth technology, software, and internet companies. Insight Partners led Altruist's Series B in 2021 and co-led the Series D in 2023.
- Venrock
- Details: Venrock is a Palo Alto-based venture capital firm founded in 1969 as the venture arm of the Rockefeller family. The firm focuses on technology and healthcare. Venrock was Altruist's earliest institutional backer, leading the $8.5M Series A in 2019 and the undisclosed Series A extension in January 2021.
- Declaration Partners
- Details: Declaration Partners is a New York-based private investment firm founded in 2017, with approximately $2.5 billion in assets under management. The firm focuses on growth equity, real estate, and GP solutions. Declaration Partners led Altruist's $110M Series C in November 2021.
- Vanguard
- Details: Vanguard is one of the world's largest investment management companies, known for its low-cost index funds and ETFs. Vanguard made a strategic investment in Altruist's Series B (2021) and also participated in the Series C, reflecting its interest in the RIA technology space.
What's Next for Altruist?
With $152M in fresh capital and a $1.9B valuation, Altruist is well-positioned to accelerate its mission of democratizing access to high-quality financial advice. The company plans to use the Series F funds to deepen its platform capabilities for growth-oriented RIAs, expand its AI-powered tools such as Hazel, and continue scaling its self-clearing custody infrastructure. As a growing competitor to legacy custodians like Schwab and Fidelity, Altruist's combination of technology innovation and institutional investor backing sets the stage for continued market share gains in the rapidly evolving RIA landscape.
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