Alto Solutions, the US-based operator of a wealth management platform focused on retirement funds, has completed a $17m series A round featuring corporates Coinbase, New York Life and Carta on Tuesday.
Equity management software provider Carta took part in the round directly while cryptocurrency exchange Coinbase and insurer New York Life participated through Coinbase Ventures and New York Life Ventures respectively.
The round was led by venture capital firm Unusual Ventures and included Moment Ventures, Acrew Capital, Alpha Edison, Franklin Templeton and Stone Ridge Holdings Group.
Founded in 2016, Alto has built an online platform which enables users to direct their retirement funds into alternative assets. It will use the cash for product development in addition to hiring more product and engineering staff.
The company raised $2.8m in a March 2019 seed round featuring Sequoia Capital’s Scout Fund, Foundation Capital, Amplify.LA, First Check, Green D Ventures and angel investor Jake Gibson to take its overall funding to $3.8m.
Jefferson River Capital led an additional $5.4m seed round five months later that included Foundation Capital, Sequoia’s Scout Fund and Amplify.LA. It added $3.5m from unnamed investors in November 2020, according to a regulatory filing.
