Bunch, an artificial intelligence-native fund operations platform for the private markets, announced the successful close of a $35 million Series B funding round. The capital injection is aimed at replacing outdated, manual fund operations with a single, integrated digital operating layer for private equity and venture capital managers.
The funding round was led by the fintech-focused venture fund Portage. Also participating in the round was Illuminate Financial with significant follow-on investments from current investors Motive Partners, Cherry Ventures, the FinTech Collective, and a group of strategic angel investors. With the new capital, the Berlin-based startup has now raised more than $58m since launching in 2021.
Solving the “Spreadsheet Era” Bottleneck
The investment arrives at a time of significant growth and mounting operational pressure within the alternative asset industry. By 2030, global private market assets under management are expected to reach $32T, with access to alternative paths being opened to wealth managers and high-net-worth individuals through regulation changes like Europe’s ELTIF 2.0.
This wide access democratises the asset class, as GPs will have to accommodate a much larger client base of LPs and double down on compliance, set faster onboarding, and deliver more granular reporting, but behind this premium sits a hugely inefficient and disconnected ecosystem. A significant number of fund managers still use outdated legacy systems, convoluted Excel workbooks, and endless email chains to complete multi-million-dollar transactions and regulatory processes.
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Bunch overcomes this inefficiency by providing a system of record that is an end-to-end solution and completely automates time-consuming workflows like investor onboarding, capital calls, distributions, fund accounting, compliance, and tax reporting.
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Advanced AI and Regulatory Expertise
Operating across multiple jurisdictions is one of the steepest challenges for European asset managers, as each country maintains distinct legal, tax, and reporting frameworks. Bunch has built its software explicitly to navigate this multijurisdictional complexity.
At the heart of the platform sits a dedicated AI platform that inquires into unstructured financial and legal documents. The platform extracts, structures, and tags key information on the fly while ensuring full traceability back to original source documents. Asset managers can thus erase the need for redundant data entry and gain the auditability and control demanded by institutional-grade compliance.
Most importantly, Bunch integrates a mixed model, using central automation and human specialists. Bunch assigns fund accountants and compliance officers to work inside the platform, providing professional involvement in difficult decision-making areas.
Scaled Growth and European Expansion
The startup has demonstrated strong commercial traction over the past year. Bunch currently supports more than 150 asset managers who use the platform to oversee upwards of 500 investment structures. Additionally, more than 12,000 LPs actively interact with the platform’s digital investor portals.
The customer base of the company includes several prominent private market firms like FINVIA Family Office, Passion Capital, Hummingbird VC, Redstone and Antler. Driven by strong product adoption, Bunch increased its ARR by 300% during 2025, reaching a net revenue retention rate of 156%, which suggests that the existing customers were sticking to the platform.
The new capital will be used to expand Bunch’s three core strategic areas of focus, the first being to grow its go-to-market in financial centers around the UK, Germany and Luxembourg. The second is to deepen its tech capabilities through expanding its automation pipelines using AI, and, finally, to scale the team in a way that will enable the platform to operate effectively across other asset classes, including private credit and real estate, in addition to other geographies.
