Practifi, a Sydney, Australia-based SaaS company with a growing Chicago presence, has raised a new round of venture capital funding.
The company announced Thursday that it raised $16.3 million in a Series B funding round led by Updata Partners, a growth equity firm in Washington, D.C. Previous investors from the company’s Series A round also invested. The recent round brings Practifi’s total funding to $20 million.
The tech firm has built a business management platform for financial advisors, family offices and broker dealers that allows them to efficiently manage all of their clients and monitor compliance issues, said Emily Wilcox, Practifi’s chief operating officer and most senior executive in the Chicago office.
The software also integrates with other commonly-used business tools, such as Dropbox, DocuSign and HubSpot.
“Basically what we’re trying to do is centralize all information … so they get a single view of their world every morning when they log into their computer,” Wilcox said. “We take integration very seriously and it’s one of our [highest] priorities.”
Practifi’s clients include TrinityPoint Wealth, Vestor Capital and Strategic Wealth Partners.
Founded in Sydney in 2013 by Adrian Johnstone and Glenn Elliot, Practifi opened its Chicago office in 2018. Across both locations, Pracitifi employs 50 people, 18 of whom are in the Windy City, Wilcox said.
Wilcox said Practifi plans to use the new financing to improve its software platform, expand its presence around the world and grow its team, particularly in Chicago. She said the company expects to more than double its local headcount.
