Passthrough secures $10m

Passthrough, a company providing fund workflow automation for investors and fund managers, has secured $10m in funding.

The series-A round was led by Positive Sum with participation from Motley Fool Ventures, Broadhaven Ventures, Company Ventures and Great Oaks VC.

Alongside the capital raise, Passthrough launched its AML and KYC offering. According to the company, the service collects information from investors which is screened against domestic and international sanctions lists. Additionally, it provides case management tools for regulatory compliance.

Further, the company has announced the launch later this year of an integrated API offering to assist with fund closing options.

“Fund managers spend months and sometimes years convincing investors to invest in their funds, so why introduce friction just when you’re getting them over the finish line?” said Tim Flannery, CEO and co-founder of Passthrough. “We provide them with a premium investor experience, better tools to manage the raise that fit with their tech stack, and efficiency that translates into cost savings. This new funding will help accelerate Passthrough’s growth and enhance our product experience.”

Passthrough provides an integrated platform that streamlines workflows such as subscription document execution, including replicable and verifiable identity information. Additionally, the company offers AML and KYC compliance.

“Passthrough solves the friction of closing funds and is adding additional workflows that improve investor onboarding at every layer,” commented Patrick O’Shaughnessy, partner and CEO at Positive Sum. “Every investor I talk to feels the pain in fund closing, so to have a company like Passthrough inventing solutions makes operating a fund so much easier. We are proud to lead another round of investment so it can continue solving these problems – singlehandedly changing the future of fund workflow automation.”