A fintech that set out to streamline funds management in the private credit and real estate sectors has raised $3.2 million from strategic investor and customer Balmain.
The unit registry and fund administration software startup was founded in 2023, and last year Caruso raised $3 million, led by VC Icehouse Ventures, with support from GD1, Pushpay founder Chris Heaslip and the Rae family of Gull Oil.
Cofounder and co-CEO Mark Hurley said that since its founding less than two years ago, Caruso has grown to manage more than $15 billion in assets across 400+ funds and 27,000+ investors.
“Fund managers today, whether they manage $20 million or $20 billion in assets, face common challenges: poor investor experiences, fragmented data, a lack of automation, and tedious internal processes. The existing registry software stack is clearly broken—both investors and fund managers are frustrated,” he said.
“Our approach at Caruso is unique from incumbents for three reasons.
“First, this software was initially developed within a fund management business, we intimately understand our customers’ challenges because we’ve dealt with them ourselves. Second, building Caruso on modern frameworks allows us to release new features every two weeks, enabling close collaboration with clients to quickly improve and adapt the platform—something our competitors simply can’t match.
“Lastly, Caruso is an end-to-end solution, not just a registry platform or onboarding tool. It enables fund managers to handle all their operations in one place, creating real value across their entire organisation.”
Marquette CEO Toby Lewis, a customer, sings the fintech’s praises, saying”“What Caruso has built is utopian for fund managers, and we think it will become THE technology for everyone who does what we do.”
Balmain’s CEO Andrew Griffin says that their investment in Caruso came about by chance and outside their normal investment plans.
“We have always invested heavily in technology to provide a point of difference. Online portals and Apps enabling instant decisioning is a key offering, particularly for our investors.” he said.
“We originally started talking to Caruso as a software provider for investor management, but after seeing what Mark and Oliver had built, and continue to grow, we simply had to invest. It was so compelling. Caruso will become a global leader, redefining how private market fund managers operate.”
Hurley said Balmain’s investment will see them to accelerate growth in Asia-Pacific, enter North America and invest in their technology.
“It’s always great validation when a customer decides they believe in your vision so much they want to invest. We’ve had a lot of interest from potential investors, but we chose Balmain for a reason,” he said
“Andrew and Michael have built an incredible business, and both Oliver and I are looking forward to soaking up as much knowledge as we can from them.”
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