OneVest has successfully raised $24.1 million over three funding rounds, positioning itself as a key player in the wealth management technology sector. The platform offers a range of customizable and modular solutions designed to meet the evolving needs of financial institutions and businesses.
Keep reading to explore the intricacies of OneVest's fundraising journey and the strategic collaborations that are driving its growth.
What Is OneVest?
OneVest, founded in 2019 by Nathan Di Lucca and Jakob Pizzera, is a Canadian company revolutionizing wealth management services. The company offers a modular platform that includes no-code personalization, robust integrations, and customizable APIs to meet the diverse needs of financial institutions.
With a team of 51-200 employees, OneVest is dedicated to transforming how businesses deliver wealth management solutions. Their platform supports various functions such as client onboarding, portfolio management, compliance, and more.
OneVest's mission is to power the world’s wealth by providing innovative technology that adapts to market trends and evolving customer demands. The company operates primarily in Canada and the USA.
How Much Funding Has OneVest Raised?
- Pre-Seed Round
- Amount Raised: $2.1 million CAD
- Date: Mid-2021
- Lead Investors: Harvest Venture Partners
- Motivation Behind the Round: Initial development and market entry.
- Seed Round
- Amount Raised: $5 million CAD
- Date: April 2022
- Lead Investors: Luge Capital
- Motivation Behind the Round: Accelerate growth, double headcount, grow sales, and support product development.
- Series A Round
- Amount Raised: $17 million CAD
- Date: June 2023
- Lead Investors: OMERS Ventures
- Motivation Behind the Round: Accelerate growth, expand into the US market, and expand the team across multiple departments.
Total Amount Raised: $24.1 million CAD
Current Valuation: (~estimated)
Key Investors
- OMERS Ventures
- Details: OMERS Ventures is a venture capital firm based in Toronto, part of the OMERS pension plan. They focus on high-growth technology companies.
- Investment Focus Areas: Technology, innovation, high-growth companies
- Notable Investments: Shopify, Hopper
- Luge Capital
- Details: Luge Capital is a Toronto-based venture capital firm specializing in early-stage FinTech companies. They aim to support innovative financial technology startups.
- Investment Focus Areas: FinTech, early-stage startups, financial services
- Notable Investments: Flinks, Owl.co
- Panache Ventures
- Details: Panache Ventures is a Montréal-based venture capital firm investing in early-stage technology startups. They are known for their extensive network and hands-on approach.
- Investment Focus Areas: Early-stage technology, innovation, startups
- Notable Investments: Dialogue, RenoRun
- FJ Labs
- Details: FJ Labs is a New York-based venture capital firm that invests in early-stage and growth-stage technology companies. They have a strong focus on marketplaces and network effect businesses.
- Investment Focus Areas: Marketplaces, network effect businesses, technology
- Notable Investments: Alibaba, Flexport
- Fin Capital
- Details: Fin Capital is a venture capital firm focusing on FinTech and financial services. They aim to support innovative financial technology solutions.
- Investment Focus Areas: FinTech, financial services, technology
- Notable Investments: Various FinTech startups
What's Next for OneVest?
OneVest is poised to seize significant opportunities as it expands into the US market and partners with major banks and wealth-management firms. The company's "wealth-as-a-service" platform is set to attract a broad range of clients, from consumer FinTech companies to traditional banks, driven by the growing demand for digital investing solutions.
Future fundraising efforts are likely as OneVest aims to support its rapid growth and new partnerships. However, challenges such as competing in the US market and managing a rapidly expanding team could pose hurdles. Maintaining and expanding partnerships with major financial institutions will be crucial for sustained success.
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