Family Offices Tech House Raises New Funding, Targets Singapore Market

Tom Burroughes Group Editor 13 July 2022

Family Offices Tech House Raises New Funding, Targets Singapore Market

In February this year, Eton Solutions launched AtlasFive 2.0. The new solution, its creators say, enables new levels of process efficiency, data accuracy, accessibility and risk reduction for family offices.

Eton Solutions, which develops technology platforms for family offices (see a recent interview here), has raised $38 million to drive further growth.

The firm has raised the finance in a Series C funding round, and has growth plans including setting up an office in Singapore to tap the expanding market in the jurisdiction, the US firm said in a statement yesterday. 

A new investor in Eton Solutions is Navis Capital Partners.

Eton Solutions, which has developed the cloud-based AtlasFive® technology platform for the “family office of the future,” is an example of the kind of tech firms seeking to boost efficiencies and processes in the highly fragmented family offices space.

"As family offices grow rapidly both in number and operational complexity, the critical need for a purpose-built technology platform to provide greater operational efficiency, transparency and risk reduction has intensified globally," Eton founder and CEO Robert Mallernee, said. "This significant investment by Navis Capital Partners provides additional funding to amplify our platform innovations while supporting the rapid growth we're currently experiencing in North America and our international expansion."

As far as Eton Solutions is concerned, it is riding a rising wave of ultra-high net worth wealth. It cited data from EY, aka Ernst & Young, showing that the number of family offices expanded from 1,000 in 2008 to an estimated 10,000 in 2019. Meanwhile, in Asia, Singapore has arguably become the Asian hub for family offices. More than 400 family offices have been established in Singapore in the past five years. (Singapore regulators have introduced new rules for family offices, which have increased the need for technology support.)

Founded in 1998, Navis manages about $5 billion in private equity capital and focuses on investments primarily in Southeast Asia and its adjacent economies. As for Eton Solutions, it was founded by figures in the family offices space.

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