Software startup Enfusion raised $150 million in new funding Monday as it became Chicago's latest "unicorn" tech company.
Enfusion, a fintech company that makes investment management software, raised the new funding at a $1.5 billion valuation, the company announced. The minority investment comes from ICONIQ Growth, the tech-focused investment arm of San Francisco-based ICONIQ Capital. ICONIQ Growth counts Airbnb, Uber and Chicago's Relativity among its previous investments.
Enfusion's previous investors include FTV Capital and Hillhouse Capital, and this latest round more than doubles the company's previous valuation, according to Bloomberg.
Originally founded in 1997 as an advisory firm to hedge funds, Enfusion launched its software business in 2006. Its customers today include hedge funds, family offices and other asset managers. It currently has 550 clients, adding 160 new fund managers just in the last year. Its data analytics software helps asset managers simplify their workflows and bring all their data into one place.
The company has more than 400 employees across eight offices.
The funding officially makes Enfusion a "unicorn," a private tech company valued at $1 billion or more. It joins other Chicago startups like Tempus, Uptake, Avant and SMS Assist, who've also reached unicorn status.
"Today, our strategic vision is being stewarded by hundreds of world-class technologists, developers, financial experts, and service professionals across our global team," Enfusion CEO Thomas Kim said. "As we expand our reach across the global investment management community, our team remains committed to excellence in client experience, innovation, and performance. We are eager to keep solving our clients' most challenging problems in an entirely re-imagined way."
