Aqua has introduced its turnkey alternative investments platform (TAIP), supported by funding of $18.8m.
The funding includes a $3.8m seed round supported by Google’s AI Fund, Y Combinator and other investors, followed by a $15m Series A led by Arthur Ventures with participation from Alumni Ventures.
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The capital will go towards faster business and product development, as well as growth in its engineering and partnership teams.
It will also support broader integrations with custodians and fund sponsors.
The TAIP is intended for wealth managers, RIAs, banks, trust companies and fund sponsors seeking to create, oversee and expand alternatives programmes.
Aqua said the platform is meant to replace the mix of separate marketplaces, manual processes and spreadsheets still used by many firms.
According to the company, the platform combines fund creation, operational processes, investment lifecycle oversight, marketplace connectivity, document intelligence and investor servicing within a single system.
It said this allows firms to shape their own alternatives approach and expand it at their own pace.
The company was founded by Rohan Marwaha, who previously worked on technology and alternative investment solutions for large alternative asset managers.
David Coyle, also part of the leadership team, has more than 25 years of experience in technology adoption at advisory firms.
Joe Ujobai, head of growth partnerships, has worked in financial services and technology for more than 35 years, including leadership positions in private banking and international expansion.
Marwaha said: “Firms have already transformed the way they manage traditional investments through technology. As access to alternatives becomes increasingly democratised, they need similar infrastructure to build repeatable, scalable alternatives strategies. We built Aqua around the way today’s advisors operate, so they can develop customised alternatives programmes without having to manage the systems behind them.”
