Vancouver-based startup MyFO, which offers a wealth management platform tailored for family offices, has raised $3.5 million USD (around $4.8 million CAD) in seed funding. The round was led by Rhino Ventures, with participation from Metalab Ventures and a few family offices. The fresh capital will support MyFO in scaling its operations, enhancing its product offerings, and expanding its team.
Founded in 2021 by Simran Kang and Jonathan Ricci, MyFO’s platform integrates data from over 20,000 sources, including banks, brokerages, and private equity firms. The platform allows family offices to consolidate documents, manage stakeholders, and access real-time data for improved decision-making. The canadian startup also offers analytics, scenario modeling tools, and benchmarking features to help users navigate complex financial landscapes.
Advertisement
Focus on Thoughtful Innovation
While many companies are jumping on the AI bandwagon, the startup remains focused on thoughtful innovation, using AI for data ingestion while prioritizing privacy and security—key concerns for family offices. The company plans to use the new funding to expand into new regions and accelerate client acquisition.
Market Potential
Rhino Ventures partner Jay Rhind highlighted the gap in the market for family office data aggregation tools, stating that MyFO is well-positioned to become a go-to solution in the space. Currently, the firm operates on a subscription model and has over 70 family offices as clients.
