Centricity, a wealth-tech start-up secured $20 million at a valuation of $125 million in seed round funding led by Lightspeed. The fresh funds will be utilised to expand its operations. It plans to double its tech development team from 75 to over 150 specialists, focusing on generative AI-led modules, insure-tech, and broking-tech platforms.
The funding round saw participation from returning investors Burman Family Office, and Shantanu Agarwal amongst others.
“End investors in wealth management are tech-starved and crave simple, sincere solutions. And Centricity is solving this problem through its tech-first mindset and practical tech applications”, noted Manu Awasthy, Founder & CEO of Centricity.
The start-up aims to enable financial advisors to easily access and transact in financial products while simplifying the understanding of financial products through a phygital approach, said the company in a statement.
The latest round also saw investments from Paramark VC, a distinguished Korean venture capital fund, and a group of renowned Family Offices and angel investors, including MS Dhoni family office, Aakash Chaudhry (Ex Aakash Institute), NB Ventures family office, Ritesh Agarwal (OYO), Vishal Dhupar (MD Nvidia) MMG group family office and Action Tesa family office among others.
Founded in January 2022, the company has previously secured $4 million in funding at a $20 million valuation from prominent family offices and angel investors, including the Burman family office, Shantanu Agarwal of BMD Renewal, Arun Jain of Intellect Design Arena, Ankush Nijhawan of TBO Tek, and Devesh Sachdev of Fusion Microfinance.