FLX Distribution raises USD2.5m in over subscribed seed round
FLX Distribution has closed a USD2.5 million seed round, named two leading industry executives to its new Board of Directors, and added to its existing Advisory Board.
“The FLX vision of a new model of distributing investment offerings to wealth managers and financial advisors is a reality as we welcome new investors to our company, add to our stable of board-level executives, and add asset managers and distribution professionals to our platform,” says Brian Moran, FLX Founder and Chief Executive Officer. “The industry overall and end-user investors will benefit as FLX adds accessibility, entrepreneurial drive, and complete flexibility to the investment product distribution process.”
FLX Distribution’s innovative platform is addressing the challenges asset managers are facing in the delivery of their investment offerings to a changing marketplace. Membership in the FLX marketplace provides the opportunity for asset managers to adjust their distribution bandwidth based on demand while concurrently providing experienced distribution professionals and value-added solutions with a platform from which to represent a broad spectrum of leading firms.
This news follows the 12 June, 2020, FLX announcement that it added its first asset management firms to the platform – Ballast Equity Management, Blue Square Wealth, RiverNorth Capital Management, LLC, and Stadion Funds.
FLX has closed its first outside financing, a USD2.5 million seed round led by RiverNorth Capital Management, LLC and including six strategic, private investors. Terms of the transaction, which was significantly oversubscribed, and identities of the private investors were not disclosed.
Proceeds from the funding will be used for general corporate purposes, technology development, product launches, and related efforts.