Alternative retirement investment platform Alto raises $40m in Series B
Alternative asset retirement investment platform Alto has raised $40 million in a Series B funding round.
The round, led by Advance Venture Partners, saw participation from Unusual Ventures, Acrew Capital, Alpha Edison, Foundation Capital, Gaingels, and Coinbase Ventures.
Alto is an Individual Retirement Account (IRA) platform that simplifies investing in alternative assets including start-ups and cryptocurrencies using tax-advantaged retirement funds.
Alto founder and CEO Eric Satz says: “We believe this funding will provide more individuals looking to control their financial future with easy and affordable access to high-growth, diversified, non-traditional asset classes typically reserved for the wealthiest investors, including private equity, venture capital, real estate, securitised artwork, and crypto.”
Sarah Leary, venture partner at Unusual Ventures and a director of Alto, adds: “Alto has a clear vision to give everyday investors a seat at the table for investment opportunities … connecting alternative opportunities in crypto, private equity, and other asset classes, with the often overlooked $37 trillion retirement account market.”
The Nashville-based fintech says it will use the cash from this latest round to improve its Alto IRA and Alto CryptoIRA platforms, accelerate hiring across all in-house teams, and continue development of new products.
The firm claims more than 15,000 IRA investors with a billion dollars of assets under custody.