New Funding Round Values Start-Up Custodian Altruist at $1.5 Billion

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Altruist, which serves as a custodian to independent financial advisors, has raised $169 million in a new funding round that values the start-up at more than $1.5 billion. The Los Angeles-based company’s Series E round was led by new investor Iconiq Growth and included Granite Capital Management, also a new investor. Existing investors Adams Street Partners and Sound Ventures also participated in the round, which brought the company’s total funding to more than $450 million, Altruist said in a news release announcing the funding.