Fount, a Robo-advisor startup in South Korea, raised a $33.4 million Series C round to beef up its machine learning-based platform development and hire staff. Bringing its total funding to $58.5 million, the company’s valuation is now estimated at $209 billion.
The latest round was led by Hana Financial Investment, along with Nice Investment. Returning backers Smilegate Investment, KT Investment, Shinhan Capital, and Korea Development Bank also participated.
The company will continue to invest in its technology development for the next three years, about an additional $85 million (100 billion won).
Company: Fount Co., Ltd.
Raised: $33.4M
Round: Series C
Funding Month: October 2021
Lead Investors: Hana Financial Investment
Additional Investors: Nice Investment. Returning backers Smilegate Investment, KT Investment, Shinhan Capital, and Korea Development Bank
Company Website: https://fount.co/
Software Category: Asset Management Robo-Advisor
About the Company: Fount Inc. is an asset management Robo-Advisor startup founded in November 2015 by Kim. Fount launched its first beta Robo-advisor service in February 2016. After gaining regulatory approvals for advising investment in November 2017, Fount launched its mobile app in June 2018. Fount surpassed $730 million assets under management as of March 2021. As per its press release, its core market is people aged 20-49, including about 66.8% of millennials. Its AI-powered platform invests on users’ behalf by using algorithms and data for people who know they need to invest money to grow their wealth but don’t know much about investing. Fount’s AI-based BlueWhale product analyzes more than 52,000 cases of global economic data and market indices and automatically proposes a customized and diversified portfolio that it can later rebalance as necessary.
Source: https://techcrunch.com/2021/10/11/korean-robo-advisor-fount-bags-33-4m-to-advance-its-ai-based-platform/