Posted August 11, 2021
Allocations, the Miami-based fintech startup founded by angel investor Kingsley Advani, raised a $4 million round from a group of angel networks at a $100 million valuation.
Allocations, a fund administration platform, built software to help small funds and SPVs set up and operate at the rapid fire pace of today’s venture capital marketplace.
So far, the startup has worked with more than 300 funds, said Advani, who founded the company in 2019. “We’ve been powering a lot of investments into local companies,” he said Thursday. “I’m really excited to be in Miami.”
Advani’s move from San Francisco to Miami in December 2020 was initially sparked by the now famous tweet by Miami Mayor Francis Suarez, and since then he has gotten to know the mayor better and feels just as bullish about the relocation.
Advani's company has also rapidly expanded.When he relocated his startup, Allocations was valued at less than $20 million. Since then, the valuation has increased more than 5X, Advani said. How’s that for some Miami magic?
According to a TechCrunch report on Thursday, Allocations has posted 28% average monthly revenue growth over the past 12 months, and reached a $4.6 million revenue run rate in June. Advani doesn’t see any slowdown because the number of small-scale private equity funds will continue to multiply, he told TechCrunch.
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