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Asset Class Announces $3M Strategic Seed Round Investment From Angel Oak Ventures, Expands Board as It Targets Further Expansion

26 June 2024

[DUBLIN & ATLANTA] -Asset Class, a fintech company headquartered in Dublin, with offices in New York and London, has announced a strategic investment from Angel Oak Ventures, the technology venture arm of Angel Oak Companies, headquartered in Atlanta.

Formed in 2020, Asset Class provides a range of innovative custom and packaged software solutions to clients across financial sectors, including private equity, venture capital, financial advisory, and commercial lending.

“We are focused on helping clients take the necessary leap forward to digitize everyday, end-to-end processes with their clients and partners. Asset Class removes the inefficiencies and waste that come from largely paper-based interactions across our target markets. Angel Oak shares that vision. We are delighted to welcome Angel Oak as a strategic investor to help us accelerate the development of next-generation solutions for the financial services marketplace,” said Ferdinand Roberts, CEO and founder of Asset Class.

In addition to expanding Asset Class’s technical development team in Ireland, the company will grow its sales and go-to-market infrastructure to meet the increasing software demands in both the U.S. and European markets.

Sreeni Prabhu, co-CEO of Angel Oak Companies, and Nik Chillar, co-president of Angel Oak Commercial Lending, will join the Asset Class board of directors.

“The deep expertise that Sreeni and Nik bring to the company will be invaluable as we execute our strategy to become the leading player in these financial subsectors,” said Roberts. “Their breadth of experience, from commercial and residential lending to the broader asset management and capital market sectors, has created a powerful combination that I feel will have a great impact on these markets. I look forward to working with them as we enter this next phase of our growth.”

“Investing in Asset Class made sense for us as we look at some of the macro-level shifts in financial services,” said Sreeni Prabhu, co-CEO of Angel Oak Companies. “Working with Asset Class will enable us to execute on our ‘digital first’ initiatives as we enable partners, investors, and borrowers to conduct business with us in a frictionless manner. Asset Class represents the ideal mix of entrepreneurial spirit and ability to execute that Angel Oak Ventures seeks to invest in, and we look forward to working with Ferdinand and his team to help make that vision of frictionless finance a reality.”

About Asset Class

Asset Class is a fintech company with offices in Dublin, New York, Atlanta, and London. The company delivers bespoke and packaged software to the financial services sector in Europe and the U.S. and is focused on the asset management, commercial lending, and wealth management sectors globally.

For more information, please visit www.assetclass.com.

About Angel Oak Ventures

Angel Oak Ventures focuses on financial disintermediation and data analytics platforms that leverage the intellectual property of Angel Oak Companies to provide solutions to retail and institutional clients. The company focuses on initiatives that encourage the democratization of investing and enable investors and borrowers to conduct business in a frictionless manner.

About Angel Oak Companies

Angel Oak Companies is a leading vertically integrated asset manager delivering innovative mortgage and consumer credit solutions. Through its integrated credit and investment platform, Angel Oak Companies provides unique solutions across asset management and lending.

For more information, please visit www.angeloakcompanies.com.

Media Contacts for Asset Class:

Phone: 332-223-4010 (US) or +353-1-592-5888 (Ireland)

Sam Roberts

Email: press@assetclass.com

Frequently asked questions

What is Asset Class?

Asset Class is a platform built for private capital firms. It combines CRM, investor relations, fundraising, and portfolio management into a single connected platform built on Salesforce infrastructure, serving PE, VC, real estate, private debt, family offices, hedge funds, and wealth management firms.

Who uses Asset Class?

Asset Class is used globally by private capital firms across private equity, venture capital, real estate, private debt, family offices, hedge funds, registered investment advisers, wealth managers, corporate venture capital arms, and fund administrators, from emerging managers to large multi-strategy firms.

What problem does Asset Class solve?

Asset Class solves fragmented workflows at private capital firms by bringing CRM, investor relations, fundraising and portfolio reporting into one system of record, where every piece of data is connected, auditable and real-time. Athena, the AI layer of Asset Class, answers plain-language questions on any record and drafts reports and follow-ups for your team to approve. Every answer cited to source.

Is Asset Class built on Salesforce?

Yes, Asset Class is built on Salesforce's Force.com platform, inheriting the world's leading CRM engine, enterprise-grade security, and access to thousands of pre-integrated apps on the Salesforce AppExchange. Existing Salesforce clients can easily deploy Asset Class within their current org.

How does Asset Class help private capital firms grow?

Asset Class helps private capital firms grow by automating fundraising, investor onboarding, capital calls, distributions and portfolio reporting on one platform, so teams can spend their time on deals and investor relationships. Athena, the AI layer of Asset Class, ranks your book by opportunity with its Relationship Score and drafts tailored follow-ups for your team to approve, so firms engage the right LPs first.

What is Athena in Asset Class?

Athena, the AI layer of Asset Class, gives every member of your team their own Claude-embedded AI agent for investor relations, business development, finance, compliance or portfolio management. Each agent works only within that person's permissions. Athena reads your firm's data, drafts the work and queues it for review. Your team approves, amends or rejects each item, and the decision, approver and timestamp are recorded.

Which AI model does Asset Class use?

Asset Class uses Claude, the AI model built by Anthropic. Athena, the AI layer of Asset Class, embeds Claude across the platform and connects it to your records, documents and actions. Asset Class accesses Claude through Anthropic's commercial API, so your firm's data is never used to train AI models. Each agent can only see and act on data its user is permitted to access.

Does Asset Class automate data entry?

Yes, Asset Class captures data from the sources your firm already has. Athena, the AI layer of Asset Class, scans subscription agreements, side letters, statements, notices, meeting transcripts, email, calendars and external data sources, then stages the extracted details on the right record. Nothing Athena stages updates a record until a permitted user signs off, and each approver is logged.