Various new and existing investors such as Live Oak Ventures, Plexus Capital and TTV Capital also took part in the transaction.
Asset Class intends to use the newly secured capital to include additional workforce, primarily in the areas of software and business development.
The company also aims to tap the positive developments witnessed by the industry, which include increase in the number of private capital funds as well as accredited investors wishing to have access, a digital-first platform, among others.
Asset Class CEO and founder Ferdinand Roberts said: “As we’ve grown, we like to say that the venture capital, private equity and commercial lending firms we work with come for the technology we provide and stay for the network we offer.
“Our client-first approach has led us to achieve incredible growth, and this new round of funding will only propel us further on our mission to offer a completely integrated, end-to-end investment management platform in the alternatives space.”
Established in 2020, Asset Class offers various new and custom investment management software solutions to customers across financial sectors.
It primarily caters to the private equity, venture capital, financial advisory and commercial lending industries.
Last year, Asset Class received a seed funding of $3m from Angel Oak Ventures.
The company currently serves over 300 funds, with $33bn in assets under management. It has a network of approximately 15,000 accredited investors.
Canapi Ventures general partner Neil Underwood said: “We have been extremely impressed with the growth of Asset Class over the past year.
“The company’s unrivaled ability to bring secondary market liquidity to the private capital markets and provide fund managers with better investor oversight has positioned the company at the forefront of the industry, opening up many exciting opportunities for the future.”