OneAdvisory, the first wealthtech solution enabling effortless client data management for registered investment advisors (RIAs), announced that it has raised $8 million in seed funding. The round was led by global venture capital firm F-Prime Capital, with participation from existing investors Fika Ventures, Great Oaks and Twelve Below. Also joining the round were new investors CoFound Partners; The Compound Capital Fund I, LP, a qualifying venture capital fund established through Ritholtz Wealth Management; Flyover Capital, the affiliated venture capital fund of Mariner Wealth Advisors; and Valor Equity Partners.
The capital raise comes at a formative time for the company as it rebrands from OneAdvisory to Dispatch. Co-founders Madalyn Armijo, Rafi Lurie and Rob Nance refreshed the brand to better align with the company’s expertise. RIAs work with Dispatch because they want client data to seamlessly flow across their tech stack. Dispatch operates silently behind the various software products that firms use. It acts as a coordinator, “dispatching” data across systems in real time. This means that firms can instantly onboard clients to their entire tech stack, eliminating the need to re-enter and maintain data across applications. Any changes made in one application are updated across the tech stack. Additionally, Dispatch’s API provides technology companies with integration access to the industry’s most popular wealthtech products.
“Dispatch is defining the category of ‘data orchestration’ in wealth management, which makes the company a very exciting investment for us,” said David Jegen, managing partner of F-Prime’s technology fund. “The world-class team at Dispatch has proven to be adept at solving complex challenges in the finance industry and we’re excited to partner with them to address the data flow challenge across wealth management.”
Dispatch plans to use the fresh capital to invest heavily in both engineering and client service resources, responding to the burgeoning demand for a data connectivity platform. The funding is also intended to help the company form additional partnerships with CRMs, financial planning tools and custodians.
“We built Dispatch to enable advisors to spend more time with their clients and less time on duplicative data management. As an advisor, I was frustrated by the time spent maintaining data across multiple applications. Advisors can use Dispatch to build a custom tech stack with seamless data cohesiveness. said Nance, Dispatch’s CEO. “We’ve received a warm welcome from the wealth management community, and we’re eager to introduce Dispatch to the broader industry.”
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