Caruso, an AI-based registry and fund administration platform based in New Zealand, has raised NZ$11.2 million (US$6.6 million) in a Series A funding round at a valuation of NZ$ 80 million (US$50 million).
The funding round was led by Icehouse Ventures and GD1, who had also invested earlier in the company’s $3 million seed round in 2023.
It also included Balmain, an existing customer that invested again after supporting a $3.2 million round in late 2024.
Cofounder and CEO Mark Hurley said the goal is to remove admin from the fund administration process.
“For the first time, our customers have a single source of truth for their investor and fund data across CRM, registry, compliance, capital raising, and the investor portal,” he said.
“Integrated with that system of record, we give them a system of action: people and AI agents working together to do the work faster and more accurately than ever before.”
“We are removing the admin from fund administration,” Hurley said. “For the first time, our customers have a single source of truth for their investor and fund data across CRM, registry, compliance, capital raising, and the investor portal. Integrated with that system of record, we give them a system of action: people and AI agents working together to do the work faster and more accurately than ever before.”
Founded in 2023 by Mark Hurley, the company will use the funding to improve its product build more advanced AI features, and grow its team to over 80 people across its offices in Sydney, Auckland, and Dallas. The team in Australia is expected to double to around 40 employees.
Caruso was created for real estate, private credit, and private equity funds. It helps replace outdated systems and manual processes with a more efficient platform.
Today, more than 80 fund managers use the platform to manage around 900 funds, handling over $80 billion in assets.
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