Eton Solutions, a US-based software provider for family offices, has raised $38m in its Series C funding round led by Navis Capital Partners.

The proceeds will be used by the company to accelerate growth, develop new products and grow business in overseas markets.

As a part of its growth strategy, Eton also aims to set up an international headquarters in Singapore.

Currently, Eton develops a cloud-based enterprise resource planning (ERP) system, called AtlasFive, for family offices.

AtlasFive, a purpose-built solution, connects all data, services, and stakeholders within single and multi-family offices.

It claims to remove the requirement for disconnected point solutions, duplicate data entry, and spreadsheets to settle, consolidate, and combine data.

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By GlobalData

In May this year, Eton launched the AtlasFive mobile app to provide tailormade and round the clock services to its customers.

Eton founder and CEO Robert Mallernee said: “As family offices grow rapidly both in number and operational complexity, the critical need for a purpose-built technology platform to provide greater operational efficiency, transparency and risk reduction has intensified globally.

“Eton Solutions and its AtlasFive platform and services uniquely address this need.

“This significant investment by Navis Capital Partners provides additional funding to amplify our platform innovations while supporting the rapid growth we’re currently experiencing in North America and our international expansion.”

Recently, ballooning of ultra-high-net-worth families and individuals has led to the growth of family offices across the world.

As per an Ernst & Young estimate, the number of family offices grew from 1,000 in 2008 to around 10,000 in 2019.

In Asia, Singapore has become the hub for family offices, with more than 400 units, both large and small, have been launched in the country in the last five years.

Navis partner Rajendra Pai said: “Eton Solutions and the AtlasFive platform enable some of the world’s largest single and multi-family offices to improve their productivity and services to ultra-high-net-worth families.

“We strongly believe in Eton’s vision, experienced leadership team, and expert skills of its employees.”

Established in 1998, Navis currently manages around $5bn in private equity capital and provides investments mainly in Southeast Asia and its neighbouring regions.