Crypto-focused separately managed accounts platform Eaglebrook Advisors raised $20 million in a Series A funding round, according to an announcement. Castle Island Ventures and Brewer Lane Ventures led the round, which also saw investments from Gemini Frontier Fund, Avon Ventures, Jump Capital and Sybil Capital. Eaglebrook has now raised $22 million in total funding.
Eaglebrook will use the new funding to improve its technology and products, according to the announcement.
"RIAs and institutions are just beginning to engage with crypto assets and are increasingly exploring the larger role this asset class can play in portfolio construction,” said John Kim, founder and managing partner at Brewer Lane Ventures, in a statement. “We believe Eaglebrook Advisors, through its suite of standard and custom crypto solutions, is extremely well positioned to capture and cement its leadership position in this emerging space."
The funding announcement provided advisors with a rare look into the popularity of wealth management–focused crypto investment platforms. Eaglebrook, which counts Dynasty Financial Partners, Mariner Wealth Advisors and Halbert Hargrove Global Advisors among its clients, works with more than 500 advisors and has more than $100 million in assets under management, according to the firm. It calls itself the “largest digital asset separately managed account platform.”
Advisor-focused cryptocurrency education and service provider Onramp Invest, which doesn’t see itself as a competitor to Eaglebrook, according to CEO Tyrone Ross Jr., declined to disclose the number of advisors on its platform. The firm plans to disclose the number of advisors using Onramp following the conclusion of its next funding round, he said, adding that “[Eaglebrook] raising $20M is a fantastic sign for the space [heating] up.”
BITRIA, a separately managed account and digital turnkey asset management platform for advisors providing cryptocurrency services, also declined to provide the number of advisors using its platform, as well as declining to disclose its AUM. The firm was recently purchased by Gemini for an undisclosed sum, with the buyer planning an "end-to-end technology platform," according to Dave Abner, the firm's global head of business development.
Crypto-investing platform Flourish Crypto, owned by Massachusetts Mutual Life Insurance Company, also declined to disclose the number of advisors on its platform or the AUM of the platform.
“We are excited about this next step in our company's growth," said Christopher King, Eaglebrook’s founder and CEO, in a statement. "The support of such prominent investors is a testament to the growing trend of financial advisors incorporating Bitcoin and digital assets into their clients' portfolios.”