Harness Wealth, a company that initially provided financial advice to startup founders and employees, has now ventured into the tax advisory space. The company recently secured a $17 million extension to its Series A round, bringing its total financing to $32 million.
Key Takeaway
Harness Wealth has expanded its services to include a new tax advisory platform and has seen substantial growth in its client base and revenue.
Expanding Services
The expansion includes a new tax advisory platform designed to cater to the financial complexities of consumer clients. This platform aims to provide integrated services and is also positioned as a marketplace for discovering advisers and services, along with offering consumer financial insight tools.
Client Base Growth
Since its last funding round in June 2021, Harness Wealth claims to have experienced a significant surge in its client base, reporting a 10x increase. The company also noted a substantial 1588% rise in gross revenue growth. Notably, the client base now extends beyond tech founders to include pro athletes, artists, board members, and journalists.
Partnerships and Future Outlook
Harness Wealth has partnered with experienced tax advisers, leveraging their existing client base to further expand its reach. The company aims to make its tax advice platform accessible to a broader clientele, including small business owners, professional service executives, and investors. Additionally, Harness Wealth has been selected as a tax partner by two major U.S. financial institutions, signaling a promising future for the startup.
Investment and Backing
The latest financing round was led by Three Fish Capital, with participation from existing backers such as Jackson Square Ventures, Day One Ventures, Northwestern Mutual Ventures, and Paul Edgerley. Notable individual investors include Marc Benioff, Kevin Ryan, Ori Allon, Oisin Hanrahan, and Edith Cooper. The company did not disclose its valuation, which is typical for extension rounds.
