Altruist Hits $1.5B Valuation After Latest Funding Round

What You Need to Know

Altruist recently raised $169M in a Series E raise.
The company has reached unicorn status.
The round was led by led by ICONIQ Growth; a partner at that firm will join Altruist’s board.

Altruist, a custodian for independent registered investment advisors, has hit “unicorn” status, reaching a valuation over $1.5 billion after a $169 million Series E funding round led by ICONIQ Growth, the company announced Thursday.

Altruist didn’t cite a valuation when it announced a $112 million Series D funding round in April 2023, but PitchBook reported it this week as $962 million.

The latest raise, which follows 550% year-over-year revenue growth and, for the second straight year, a tripling in assets under management, brings the startup’s total funding to over $450 million.

New investor Granite Capital Management participated in the round, as did existing backers Adams Street Partners and Sound Ventures. In conjunction with the funding, Yoonkee Sull, general partner at ICONIQ Growth, will join the Altruist board.

“With a fully-featured and vertically integrated platform built for RIAs, Altruist is breaking through in an industry desperate for innovation,” Sull said in a statement.

“It’s rare to see a new company in the custodian space nail the fundamentals while carving out a substantial customer base in a market dominated by legacy financial institutions. Jason Wenk is a serial entrepreneur who has been pushing the category forward for nearly two decades, and with Altruist, he has built one of the most trusted names with RIAs today,” Sull added.