Investment follows immediate revenue growth post launch as wealth managers embrace solution to accelerate the Client Acquisition, Proposal Management, and Retention process (“CAPM & R”)
VRGL, Inc (“VRGL”), a provider of institutional-grade analytics and automated data extraction to the wealth management industry, today announced it has raised $15 million in a Series A round led by MissionOG and FINTOP Capital. Founding investors Sallyport Investments and Checchi Capital also participated. The round also included investments from other venture firms and strategic partners including Dynasty Financial Partners, Northwestern Mutual Future Ventures, Flyover Capital, Fin Capital, and The Compound Capital.
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VRGL is led by co-founders Josh Smith, CEO, and Josh Zimmerman, COO, both of whom have a proven track record developing multi-asset class analytics and SaaS-based platforms. Josh Smith was the co-founder and CEO of Solovis, Inc, a Nasdaq company, which is the investment and performance book of record for many of the largest institutional and family office investors in the world. With this Series A financing, VRGL will scale its operational resources, further grow its sales and partnership capabilities, and execute its product and marketing roadmap.
“We are excited to close our Series A investment with leading fintech VCs and strategic investors. We strongly feel advisors and their clients deserve more streamlined onboarding and analytics in the get-to-know-you phase of the relationship. Prospects should have a clear understanding of what it will mean if they transition their wealth and advisors should have clear, objective ways to demonstrate value. VRGL delivers advisors an immediate ability to add value, create rapport, and drive revenue. VRGL customers have seen a 50% acceleration in decision-making speed, meaning more revenue for the advisor, faster. With our raise, we will expand to become the leading Client Acquisition and Proposal Management tool on the market,” says VRGL co-founder and CEO Josh Smith.
VRGL has emerged as the first Client Acquisition, Proposal Management, & Retention (“CAPM & R”) tool designed to increase time to revenue and initial check size. With its solution, wealth management firms build trust faster by bringing transparency, visibility, and collaboration across the entire client lifecycle through automated data extraction, institutional-grade analytics, and the ability to seamlessly generate PDF proposals. VRGL’s proprietary analytics solution, 5 Pillar AnalyticsTM, include: performance, risk, diversification, taxes, and fees, and statement extraction functionality which removes human capital requirements, allowing the advisor to understand investment gaps and add value more quickly.
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“VRGL has experienced tremendous initial new customer growth with leading advisor groups adopting its platform, quickly establishing the company as the emerging industry standard,” says Andy Newcomb, co-founder and Managing Partner, MissionOG.” Their platform solves for critical components of an advisor’s prospecting and customer needs that are ripe for innovation and disruption,” he added.
“As investors in Josh’s prior company Solovis, we are thrilled to be partnering with him and this management team again” said Rick Kushel, co-founder and Managing Partner at FINTOP Capital. “Tech-driven transparency is long overdue in wealth management, and there’s no better team to deliver it.”
“The VRGL team quickly took a one-firm product and turned it into a platform every advisor can use. Our collective vision to bring transparency, accountability, and streamlined prospecting and onboarding are becoming more and more of a reality every day. We are excited to see where the team and investment consortium takes the next evolution of VRGL” says Adam Checchi, of Checchi Capital and Kyle Bethancourt of Sallyport Investments in a joint statement.
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