German wealthtech Elinvar gets Goldman Sachs injection
Elinvar, the digital platform for asset and wealth managers, has completed a funding round of a specified amount to expand its shareholder base, bringing the total amount of capital raised to over €20 million.
The Goldman Sachs Principal Strategic Investments group was lead investor for the investment round, which is subject to the approval of BaFin, the federal office for financial supervision.
Founded in 2016 in Berlin, Elinvar is the digital platform for asset and wealth managers. It focuses on B2B2C, enabling its partners to digitalise their business models.
Several major German private banks and discretionary portfolio managers are already using the digital platform, such as Privatbank Donner & Reuschel, Fürstlich Castell‘sche Privatbank and M.M. Warburg & CO.
Harry Ploemacher, CEO of Ampega Asset Management says: “Elinvar has grown extensively in the past two and a half years and proven its business model. We are convinced that this is the optimal setup to support the company’s continuous growth and its expansion to the European market.”
Its two existing investors Ampega Asset Management and Finleap both contributed to the round.
Elinvar will use the investment to further grow its team and to expand its offer to more European countries.