Vancouver-based MyFO has secured $4.8 million CAD ($3.5 million USD) to scale the operations of its wealth management platform tailored for family offices.
“While many tech companies are joining the AI-hype, MyFO remains focused on its goal of thoughtful innovation.”
MyFO statement
The round, which included $200,000 USD in non-dilutive funding, was led by Vancouver-based early-stage venture capital fund Rhino Ventures with participation from Metalab Ventures and a couple of family offices, MyFO told BetaKit in an email statement. Rhino Ventures gained a seat on MyFO’s board as a result of the round.
MyFO said it has raised $5 million USD ($6.9 million CAD) in external funding to date.
Founded in 2021 by CEO Simran Kang and Jonathan Ricci, both alumni of advisory giant PwC, the MyFO platform consolidates the data, documents, and stakeholder management needs of family offices into one dashboard. MyFO claims its platform integrates real-time data from over 20,000 sources, including banks, brokerages, and private equity firms.
Using the integrated data and documents, MyFO also provides analytics, scenario modeling tools, and benchmarking capabilities, allowing users to perform tasks such as simulated selling to see how exiting a stake may impact their portfolio.
In a statement, the company said that it uses artificial intelligence (AI) for data ingestion, but noted that it was mindful of family offices with heightened concerns about privacy and data security.
“While many tech companies are joining the AI-hype, MyFO remains focused on its goal of thoughtful innovation,” the company said.
MyFO said it will use the new capital to expand into new regions, improve infrastructure, accelerate client acquisition, and expand its team.
Jay Rhind, partner at lead investor Rhino Ventures, said in a statement that there is “significant dissatisfaction” with existing family office data aggregation options, leaving a clear gap in the market.
“As they continue to innovate and expand the platform, we believe MyFO is poised to become the go-to solution, offering an evolving suite of services that will unlock new opportunities for families, wealth managers, and investors alike,” Rhind said.
According to Axios, MyFO operates on a subscription model, currently has over 70 family offices as customers, and hopes to eventually enable users to sell stakes to one another.
UPDATE (10/22/2024): This story has been updated with new information, including round participants, shared by MyFO.
Feature image courtesy Jakub Żerdzicki on Unsplash.