New Zealand-born AI-based registry and fund administration platform Caruso has raised $9.3 million in a Collection A elevate at an $80 million valuation.
The spherical was led by Kiwi VCs Icehouse Ventures and GD1, who first invested in 2023’s $3 million Seed round, with participation from non-public credit score fund supervisor Balmain, a Caruso buyer who backed another $3.2m raise in late 2024.
Based in 2023, the capital is for product improvement, expanded AI agent capabilities, and growing the headcount to 80+ throughout its workplaces in Sydney, Auckland, and Dallas, with the Australian web site doubling to round 40.
Caruso was constructed for actual property, non-public credit score, and personal fairness funds, to interchange fragmented techniques and handbook processes. Greater than 80 fund managers operating 900 funds with greater than $80 billion in property, use the platform.
Cofounder and CEO Mark Hurley mentioned the objective is to take away admin from fund administration.
“For the primary time, our clients have a single supply of fact for his or her investor and fund information throughout
CRM, registry, compliance, capital elevating, and the investor portal,” he mentioned.
“Built-in with that system of document, we give them a system of motion: individuals and AI brokers working collectively to do the work sooner and extra precisely than ever earlier than.”
Icehouse Ventures companion Jack McQuire mentioned the fund administration business touches virtually each side of
individuals’s lives, from infrastructure like roads and housing to retirement financial savings.
“Regardless of this, the business nonetheless runs on decades-old software program,” he mentioned.
“Caruso’s speedy progress so far is only the start of what their AI-native platform can unlock for this business.”
