OpenInvest, a San Francisco, CA-based tech-enabled asset manager that provides customization, direct indexing, and ESG investing at scale, completed a $10.5m Series A1 round of strategic financing.
The round, which brought total funding since launching in 2015 to $23.8m, was led by QED Investors with participation from existing investor SystemIQ and additional investors Resolute Investment Managers and ABN AMRO Ventures.
The company intends to use the funds to expand the engineering capacity to continue to expand its business reach across wealth and asset management platforms.
Co-founded by Conor Murray, CEO, Josh Levin, CSO, and Phil Wei, CTO, OpenInvest is a tech-enabled SMA (separately managed accounts) asset manager that provides infrastructure technology that enables customization, direct indexing, and ESG investing at scale. Its APIs allows relationship managers to deliver their own factor portfolios, personalization, and tax optimization while maintaining discipline.
The company’s Dynamic Custom Indexing (DCI) capabilities replicate strategies by directly purchasing the underlying stocks. By bypassing the fund manager, DCIs allow direct indexing, personalized ESG investing, and enhanced tax efficiency.
In 2019, OpenInvest signed partnerships with Legal and General Investment Management America and Bank of the West, expanded impact reporting and tax optimization capabilities, and added investing categories targeting Disability Inclusion, Racial Justice, and Heart Healthy investing. launched their commercial partnership with Resolute.