Luma, an organization specialising in structured merchandise and insurance coverage options, has accomplished a Collection C funding spherical, elevating $63m.
The spherical was led by Sixth Road Development, with the corporate’s principal, Alex Goodman, now securing a seat on Luma’s board of administrators.
The fundraise additionally noticed participation from current buyers together with Financial institution of America, Morgan Stanley, UBS and TD Financial institution Group.
The capital can be used to hurry up Luma’s progress in key markets, advance product improvement and enhance consumer help providers globally.
It should additionally facilitate Luma’s scaling efforts whereas preserving the corporate’s current management and strategic route.
Broadhaven suggested Luma all through the funding course of.
Luma CEO Tim Bonacci stated: “This funding is a testomony to the arrogance our companions have within the worth Luma brings to the market and the energy of the inspiration we’ve got constructed. We have now skilled vital progress by staying targeted on delivering worth to our shoppers, and this new capital will speed up that trajectory by deepening our presence in key markets and persevering with to innovate – all whereas staying true to the ideas which have pushed our success.”
Sixth Road Development co-head Michael McGinn acknowledged: “We imagine an goal, end-to-end platform, just like the one Luma has constructed, supplies a crucial piece of infrastructure to help the fast adoption of latest merchandise within the broader wealth administration channel. We’re excited to accomplice with Tim and the Luma staff to help their imaginative and prescient of broadening the platform’s product providing and increasing its attain globally.”
In November 2024, Luma entered the life insurance coverage sector as the primary platform providing an end-to-end answer integrating life insurance coverage and annuities.
Based in 2018, with its headquarters in Cincinnati, Ohio, Luma additionally maintains places of work in New York, Miami, Zurich and Lisbon.
