Opto Investments, a provider of technology solutions for registered investment advisors, has announced it has emerged from stealth with $145 million in Series A financing. The company operated in temporary secrecy as “LIT.”
Tiger Global led the round with participation from 8VC, a technology and life sciences investment fund, along with MSD Capital, Clocktower Ventures, FinVC, and HOF Capital.
Opto will use the funding to secure investment opportunities for its customers, scale its business, and expand its 45-person team.
“Our experience in Silicon Valley and the United States innovation ecosystem is that well-funded entrepreneurs can solve these problems and create prosperity,” Opto Chairman Joe Lonsdale, who is also the Managing Partner at 8VC, said in a statement. “I co-founded Opto with top talent from the technology and financial world to open up private markets to top investment advisors (RIAs) and their global clients like never before—and unlock new capital for the world’s greatest innovators building for the future.”
Opto’s platform gives registered investment advisors access to exclusive private market investments. The average wealth advisor has under 4% of their portfolio in private investments, presenting an opportunity. The platform manages the investment process from start to finish, including sourcing, diligence, subscribing to funds, monitoring positions and capital call schedules, investor servicing, and reporting.
“Our vision at Opto is to use technology and innovation to break down barriers and give privileged access to our investment advisors and their clients. I’m excited to be on this mission with my talented colleagues,” Co-founder and Chief Executive Officer Mark Machin said in a statement.
Machin is the former President and CEO of CPP Investments and Chair of FCLT Global, a think-tank that encourages capital markets to focus on long-horizon capital deployment. Lonsdale, meanwhile, founded several companies, including Palantir, OpenGov, and Addepar, where he currently serves as Chairman.
