Investment management platform FundGuard lands $40m Series B

Investment management platform FundGuard has raised $40 million in a Series B funding round.

FundGuard president John Lehner

The round saw participation from Citi, State Street, Blumberg Capital, LionBird Ventures and Team8 Capital, among others. It takes the company’s total capital raised to date to more than $55 million.

FundGuard CEO and co-founder Lior Yogev says the investment is an “endorsement of our vision to build a new-generation of global asset servicing capabilities for asset managers and their service providers”.

The Software-as-a-Service (SaaS) platform utilises cloud and AI technology to enable asset managers and fund administrators to effectively manage mutual funds, ETFs, hedge funds, insurance products and pension funds.

FundGuard president John Lehner, a former BNY Mellon executive, says the funding will allow the firm to expand its workforce, “so that we can meet the demand we are seeing from asset managers and service providers who realise their legacy technology costs too much and can’t do what they need it to do”.

The company says it has had a busy 12 months and has expanded its client base with new asset manager, fund administration and custody bank customers.

It also launched an enhanced investment accounting solution, including support for digital assets.