Total amount raised
$18.3 Millions
Latest funding date
11/01/2022
Location
Savvy Wealth has successfully raised significant funding to support its innovative wealth management platform, which combines technology with financial expertise. The firm offers a range of personalized financial services, including financial planning, investment management, and trust & estate planning.
Keep reading to explore the intricacies of Savvy Wealth's fundraising journey and the investors backing this forward-thinking platform.
What Is Savvy Wealth?
Savvy Wealth is a wealth management firm headquartered in New York, NY. The company specializes in providing personalized financial planning, investment management, and tax optimization services to high-net-worth individuals.
Founded by a team of financial experts, Savvy Wealth leverages technology to offer seamless financial management and regular portfolio reviews. The firm is an SEC-registered investment adviser, ensuring compliance and trustworthiness in its operations.
With a dedicated team of advisors across the US, Savvy Wealth continues to grow, focusing on delivering tailored financial solutions to meet the unique needs of its clients.
How Much Funding Has Savvy Wealth Raised?
- Seed Funding Round
- Amount Raised: $7.3 million
- Date: February 24, 2022
- Lead Investors: Co-led by Index Ventures and Thrive Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive business development and investments in talent, research, and product development. The goal is to fuel growth for wealth managers by expanding Savvy's digital platform, acquiring wealth management firms, hiring wealth managers, and increasing the total assets under management.
- Series A-1 Funding Round
- Amount Raised: $11 million
- Date: November 10, 2022
- Lead Investors: The House Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop software aimed at streamlining marketing, compliance, and back-office operations for financial advisors. The goal is to help these advisors increase their Assets Under Management (AUM) and expand their business reach.
Total Amount Raised: $18.3 million
Current Valuation: Not publicly disclosed
Key Investors
- The House Fund
- Details: The House Fund is a venture capital firm that invests in startups emerging from the University of California, Berkeley ecosystem. It focuses on early-stage companies with high growth potential.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Lime, Rigetti Computing, Freenome.
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology-enabled companies. It has a strong track record of backing successful startups.
- Investment Focus Areas: Technology, fintech, healthcare.
- Notable Investments: Dropbox, Slack, Robinhood.
- Thrive Capital
- Details: Thrive Capital is a venture capital firm that focuses on technology investments. It is known for its strategic investments in high-growth companies.
- Investment Focus Areas: Technology, fintech, healthcare.
- Notable Investments: Instagram, Stripe, Robinhood.
- Brewer Lane Ventures
- Details: Brewer Lane Ventures is a venture capital firm that invests in early-stage companies. It focuses on innovative startups in the financial services and insurance sectors.
- Investment Focus Areas: Fintech, insurtech, healthtech.
- Notable Investments: Ladder, Cape Analytics, Ethos.
- Box Group
- Details: Box Group is an early-stage investment firm that backs technology startups. It is known for its hands-on approach and support for founders.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Warby Parker, Glossier, ClassPass.
What's Next for Savvy Wealth?
As Savvy Wealth looks to the future, the opportunities are vast. The firm aims to expand its digital platform, enhancing marketing, compliance, and back-office operations for financial advisors. This expansion could significantly increase their assets under management, leveraging a client waitlist that represents approximately $1 billion in assets.
Future fundraising rounds seem likely, given the successful Series A-1 funding. These funds could be used to further develop their technology and possibly acquire other wealth management firms. However, challenges such as slow technology adoption in the industry and scaling their platform to meet growing demands remain. Maintaining a competitive edge in the rapidly evolving fintech landscape will be crucial.
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