Subscription-based planning firm Facet this week announced it has raised $35 million in new financing.
The round was led by Multiplier Capital, with additional investment from previous investor Warburg Pincus, as well as Audacious Capital and others.
While generally considered a venture capital firm, Multiplier is known for creating tailored debt solutions for those it finances. While detailed terms of the raise were not disclosed, it was a mix of equity and debt financing.
This brings Facet’s total funding to more than $210 million since its founding in 2016.
It raised a $100 million Series C funding round in January 2022, with venture capital firm Durable Capital Partners, TeleSoft Partners and Green Cow Venture Capital all coming in for the first time, along with Warburg Pincus.
That round was preceded by its Series B in 2020, which raised $25 million and was led by Warburg Pincus.
According to its latest Form ADV, the firm, which combines financial planning technology with human-based advice for a flat fee, now has almost $3.5 billion in assets under management and 191 employees, including 89 advisors. Facet says it now serves more than 14,000 households.
In 2019, Facet shifted its business model from acquiring the smaller accounts of other advisory firms to a direct-to-consumer model.
According to a statement, this latest funding will advance key initiatives, including further tech development and expanded financial planning services, all of which aim to accelerate growth and improve the overall member experience.
In mid-2022, following its Series C financing round, Facet expanded its leadership team, focusing on client experience and marketing. It also hired a former JP Morgan portfolio manager, a data scientist and an economist as well.
Earlier this year, Facet partnered with estate planning platform wealth.com to build integrations between the two.
