FundGuard Closes $100M Series C Funding Round

Round Led by Key1 Capital, with Euclidean Capital and Hamilton Lane Joining Previous Investors to Accelerate New Product Capabilities and Further Expand Company’s Market Reach

March 25, 2024 08:00 AM Eastern Daylight Time

NEW YORK & LONDON–(BUSINESS WIRE)–FundGuard, the industry’s first fully cloud-native, AI-powered, multi-asset class investment accounting platform for asset managers, asset owners, custodian banks and fund administrators today announced the successful closure of its Series C funding round, amounting to $100 million. This latest round of investment – led by Key1 Capital and new investors including Euclidean Capital and funds managed by Hamilton Lane (Nasdaq: HLNE) – marks another significant milestone on FundGuard’s path towards becoming the industry’s new era investment accounting utility.

The round also saw strong participation from existing strategic investors, plus the company’s earliest financial investors: Blumberg Capital and Team8.

Founded in 2018, FundGuard is transforming investment operations by leveraging cloud-native technology and AI capabilities to modernize and streamline investment accounting operations and workflows. Key to the company’s success has been the combined expertise of its leadership, including experienced funds industry executives and enterprise cloud technology and data science innovators. Backed by some of the world’s leading financial institutions and now with a total investment of over $150 million to date, this round follows two years of evolution and expansion, including new client acquisition, customer onboarding, significant hiring of top talent across Customer Success, R&D, Product Management and Sales, and the opening of the company’s Boston, London and Toronto offices.

“FundGuard is shaping the future of investment and fund accounting,” said Lior Yogev, CEO and Co-Founder, FundGuard. “This latest significant investment round reflects the ongoing support of the industry, the confidence our investors have in the value our products bring to the market, and their trust in our leadership and strategic roadmap.”

“The exceptional team at FundGuard has developed a unique, cutting-edge technology platform over the last five years, empowering asset managers and fund administrators with a timely, accurate, and cost-efficient solution to support their investment accounting operations,” said Amit Pilowsky, Co-Founder and Managing Partner, Key1 Capital. “It is rare to witness a company at this stage receiving significant attention from the largest and most sophisticated clients in an industry dominated by incumbents. This serves as a testament to just how valuable and unique FundGuard’s solution is. FundGuard is just scratching the surface of its potential to revolutionize the Investment Management industry, and we are honored to be their partner.”

The funds raised in this round will be strategically deployed by FundGuard for ongoing investment in product innovation and continued onboarding of existing and new customers.

“We are thrilled to partner with our newest investors,” said John Lehner, President, FundGuard. “With their support and partnership, and the continued dedication of our existing investors and talented team, FundGuard is poised for continued growth and market expansion.”

About FundGuard

FundGuard is a cloud-native SaaS platform for investment management and administration that is powered by AI. FundGuard helps asset managers and their service providers to manage mutual funds, ETFs, hedge funds, insurance products, and pension funds, supporting digital transformation, operations automation, AI-based insights, resiliency, and migration to the cloud. FundGuard is backed by strategic partners including Citi and State Street, and investment firms Blumberg Capital, Key1 Capital, LionBird Ventures, and Team8 among others.

Please visit www.fundguard.com

About Key1 Capital

Key1 Capital is a growth-stage VC fund backing Israeli and European companies. With two decades of experience in leadership roles at Goldman Sachs, the team has played a key role in the growth of top-tier technology companies scaling globally. Key1 actively seeks to partner with visionary founders who think big and are driven by strong values, helping them meaningfully expand through ultimate exit.

Please visit: www.key1capital.com