US-based asset management software provider Pagaya secured $102m in series D funding yesterday from investors including insurers Aflac and Clal Insurance, and financial services firms Bank Hapoalim and Siam Commercial Bank (SCB).
Venture capital firms Viola Ventures and Oak HC/FT also took part in the round along with GF Investments and private investor Harvey Golub, who has also joined the company’s board of directors.
Aflac, Bank Hapoalim and SCB invested through subsidiaries Aflac Global Ventures, Poalim Capital Markets and SCB Digital Ventures respectively.
Pagaya is the creator of a platform that leverages artificial intelligence and big data analytics to manage capital on behalf of institutional investors such as banks, insurance firms or pension funds.
The company has a total of about $1.6bn under management and will put the series D funding into product development and the expansion of its data science team as it looks to expand into new asset classes.
Gal Krubiner, co-founder and chief executive of Pagaya, said: “The world is changing quickly and investors need a performance edge – more and more are turning to Pagaya.
“We continue to unlock unprecedented value with our AI even during extreme market stress. Closing a round of this magnitude, with such a high-quality group of investors, is a testament to the hard work of the Pagaya team.”
Pagaya was founded in Israel in 2016 and raised $1.6m the same year in a Viola Ventures-led seed round. It has not revealed details of its series A funding but secured $14m from SCB Digital Ventures, Clal Insurance, Oak HC/FT, Viola and Harvey Golub in 2018.
The same five investors subsequently returned in April 2019 to supply $25m of series C funding for the company.
