Axios Pro Exclusive Content

Fundguard's $100 million mega-round

Mar 25, 2024
Illustration of an open safe revealing a spreadsheet of data.

Illustration: Annelise Capossela/Axios

Fundguard, which makes accounting software for asset managers, said Monday that it has raised $100 million in Series C funding led by Key1 Capital.

Why it matters: Investors are backing a handful of wealth tech mega-rounds, despite a 61% drop off in funding to the space last year.

Context: The broader fintech ecosystem suffered a 50% reduction in funding in the same period, raising $39.2 billion, per data from CBInsights.

Between the lines: Investors have turned their focus in wealth tech from consumers to companies that sell to investment professionals or other businesses.

Of note: Investors have shown renewed interest about the accounting space, seeing it a part of the fintech universe that could significantly benefit from the AI boom.

Go deeper