Allocate Raises $30.5M Series B to Expand AI-Powered Private Markets Platform

Allocate, a San Francisco-based fintech company that offers an operating system for private markets investing, has raised $30.5 million in Series B funding, bringing its total capital raised since inception to approximately $64 million. The round was led by Portage Ventures, with participation from Andreessen Horowitz, M13, and Fika Ventures.

Founded in 2021 by Samir Kaji and Hana Yang, Allocate aims to streamline how wealth advisory firms, family offices, and institutional investors source, manage, and monitor private market investments. Its platform provides tools for AI-driven investment management, workflow automation, curated access to private opportunities, portfolio insights, and integrations that reduce administrative burden.

By the time of this Series B round, Allocate has amassed over $2.5 billion in assets on its platform. It serves more than 1,200 wealth advisory firms and family offices. The company’s product suite has also broadened beyond venture capital to include private equity and private credit offerings.

In earlier rounds, Allocate had raised seed funding and proceeded through Series A. In July 2021, the company raised $5 million in seed funding, with backers including Urban Innovation Fund, Tusk Venture Partners, Basis Set Ventures, Liquid 2 Ventures, Broadhaven Ventures, Fika Ventures, Ulu Ventures, and Anthemis Group. In May 2022, it closed a $15.3 million Series A round led by M13, with participation from Bedrock, SignalFire, Intera Capital, and returning investors such as Tusk Venture Partners, Urban Innovation Fund, Fika Ventures, Anthemis, Basis Set Ventures, and Broadhaven Ventures.

Prior to this latest raise, Allocate had earlier in 2023 secured $10 million in strategic capital, bringing its total to about $33.5 million at that time. That round included investors such as Gopher Asset US (an affiliate of Noah Holdings International), Intera Investments, and M13 Ventures, as well as several family offices.

With the fresh $30.5 million, Allocate plans to accelerate development of its AI capabilities and workflow automation within its private market infrastructure. The company also intends to expand integrations with other platforms and deepen product breadth to serve a wider set of private investment asset classes. This includes not only venture capital but also private equity and private credit.

Allocate’s growth reflects increasing demand among non-institutional investors (such as family offices and RIAs) for better tools and access in private markets, which have historically been less transparent and often limited to large institutions. Through its feeder vehicle model, thorough diligence processes, and product features that aim to lower minimum investment thresholds, Allocate has positioned itself as a bridge between traditional wealth advisory practices and private market opportunities.

The company reports having thousands of users and clients leveraging its platform to build diversified private portfolios. As its customer base has expanded, the pressure to maintain strong governance, vetting, and performance measurement has also grown; Allocate has emphasized these elements as central to its proposition.

With this funding, Allocate is entering a new phase of scaling and product maturity. The challenge ahead will include managing growth, maintaining transparency, handling regulatory oversight, and delivering the kind of performance and access that both advisors and their clients expect. But with strong backing, a solid track record, and an increasingly robust infrastructure, Allocate is well positioned to further modernize private market investing.