Caruso takes AI fund administration software into US after $11.2m capital raise

Résumé détaillé

Caruso, a maker of AI native software for investment funds, has expanded into the US after raising $11.2 million at a valuation of just under $100m in a Series A round earlier…

Caruso, a maker of AI native software for investment funds, has expanded into the US after raising $11.2 million at a valuation of just under $100m in a Series A round earlier this year.

The April raise was led by New Zealand venture capital firms Icehouse Ventures and GD1, with participation from Balmain, one of Australia’s largest private credit fund managers and a Caruso customer.

Caruso, founded in Auckland by Mark Hurley and Oliver Shaw in 2022, makes software for administering investment funds, from onboarding new customers and handling the complexities of AML regulatory requirements, to registry services to fundraising to investor portals.

Its target customers include private equity, venture capital, private credit and real estate funds.

The start-up, which had already expanded to Sydney, put boots on the ground in the US last month.

“We launched in North America in October, with team members based in Dallas and New York. I have moved to Dallas to lead this growth. We are seeing strong signals we can have a similar impact in the US as we did in Australia,” Hurley says.

In February, Caruso signed ASX-listed Centuria Capital Group, which has more than $20 billion of assets under management across Australia and New Zealand, including more than 400 properties.

Centuria decided to move to Caruso after an extensive due diligence and procurement process. The partnership is also the starting point for Caruso’s expansion beyond unlisted private market funds into listed funds and companies — beginning with Centuria’s ASX-listed vehicles — as the platform’s AI-native approach proves applicable across a broader range of Australian fund structures.

“Everything we do at Centuria is in service of our investors, and that extends to the infrastructure behind our fund operations,” Centuria Capital Group CEO Jason Huljich says.

Début de l'article, extrait de NZ Herald. Pour lire la suite, ouvrez l'article chez le média.