Digital investment platform Allocate has raised $15.3m in a Series A funding round led by M13 with participation from SignalFire, Bedrock, and Intera Capital.

Returning investors Urban Innovation Fund, Tusk Venture Partners, Anthemis, Fika Ventures, Basis Set Ventures, and Broadhaven Ventures also joined the round.

Launched in late 2021, Allocate offers investors access to top-tier venture funds and co-investments through its end-to-end platform.

The fundraising comes as the firm prepares to move its platform from beta and focus on actively onboarding clients.

The platform currently has over 200 family offices and wealth advisory firms with over $125m allocated to products.

The fresh capital will allow the firm to hire new employees to cater to the growing waitlist of accredited individual investors, wealth managers, and family offices.

Allocate co-founders Samir Kaji and Hana Yang said: “The private and public markets are quickly converging. However, the venture fund ecosystem remains an insular and inefficient industry as it relates to supply and demand. Efficient and healthy markets are inclusive, transparent, and intuitive. Our vision at Allocate is to usher in a new era of responsible private market technology investing.”

Allocate is designed to automate product discovery, KYC and AML, subscription documents, capital calls, and investment management.

It enables advisers to roll out private technology-focused offerings without the friction linked to sourcing and accessing top funds.

In addition, it allows fund managers to access non-institutional investors without the need to source, manage, and administer these allocations.

The firm is now working to roll out new features on the platform to facilitate co-investment, analytics, and educational webinars on investment opportunities.

M13 co-founder Carter Reum said: “I have personally experienced both the supply and demand pain points that Allocate aims to solve, and I could not be more excited to back Samir, Hana, and the team on their mission to open access to the venture asset class.”