A trans-Tasman startup just raised $9.3M, and the most interesting part is who already had money in. The company is Caruso, founded in New Zealand with offices in Sydney, Auckland and Dallas.
What it does
Caruso builds AI-native fund administration software. It is the back office tech fund managers use to run investor registries, compliance, capital raising and investor portals.
Global private market assets hit about US$21 trillion in 2025. A lot of that money is still run on spreadsheets and old software.
The raise
Caruso closed a $9.3M Series A at an $80M valuation, led by Icehouse Ventures and GD1. Both also led its 2023 seed round.
The customer who invests
Balmain, one of Australia’s big private credit fund managers, is a Caruso customer. It led Caruso’s previous round in 2024 and came back in this one.
The growth
- Assets under administration up tenfold in a year to $80B
- Revenue up 400%
- More than 900 funds and 80+ fund managers on the platform
- ASX-listed Centuria Capital Group is a customer
The company is led by co-founder and CEO Mark Hurley, who started it with Oliver Shaw.
My read
When the people paying for your software also want to own a piece of your company, that is about as strong a signal as you get in venture. Fund admin is not glamorous, but it is sticky. Once a manager runs hundreds of funds through your system, they rarely leave.