Wealth Management Tech Startup VRGL Raises $15M to Help Firms Acquire Clients, Manage Proposals

Founded in 2021, Dallas-based VRGL is an automated data and analytics platform for wealth management firms. Aimed at streamlining time to revenue and increasing initial check sizes, the platform can present a "complete and transparent view" of a prospect's entire portfolio within minutes—serving a need that's "ripe for innovation and disruption," one investor said.

“The VRGL team quickly took a one-firm product and turned it into a platform every advisor can use,” two other investors added in a joint statement.

Less than six months after launching, a Dallas startup has raised funding to help it serve the wealth management industry.

VRGL, an automated data and analytics platform for wealth management firms, announced raising a $15 million Series A funding round led by MissionOG and FINTOP Capital.

“VRGL has experienced tremendous initial new customer growth with leading advisor groups adopting its platform, quickly establishing the company as the emerging industry standard,” Andy Newcomb, co-founder and managing partner at MissionOG, said in a statement. “Their platform solves for critical components of an advisor’s prospecting and customer needs that are ripe for innovation and disruption.”

Increasing time to revenue and initial check sizes

VRGL (pronounced ‘Virgil) calls itself an acquisition, proposal management, and retention tool aimed at streamlining time to revenue and increasing initial check sizes.

“VRGL is the first solution that allows advisors to sit down with a prospect, upload the prospects’s PDF statements from multiple brokerage accounts into the system, and within minutes present a suite of analytics and a complete and transparent view of the prospect’s entire investment portfolio,” Josh Smith, VRGL co-founder and CEO, said in a statement when the company launched in March. “Advisors can also leverage VRGL to quickly contextualize their own investment offerings and advice helping accelerate the prospect decision process.”

‘A platform every advisor can use’

The company was formed in 2021 by Smith and COO Josh Zimmerman. Both co-founders are previous leaders at Irving-based investment management platform Solovis—which was acquired by Nasdaq in 2020. Smith was Solovis’ co-founder and CEO; Zimmerman served as head of research and development.

VRGL said the new funding will be used to scale operational resources, build its sales and partnership capabilities, and execute on its product and marketing roadmap.

The funding round was joined by founding investors Sallyport Investments and Checchi Capital, along with participation by Dynasty Financial Partners, Northwestern Mutual Future Ventures, Flyover Capital, Fin Capital, and The Compound Capital.

“The VRGL team quickly took a one-firm product and turned it into a platform every advisor can use,” said Checchi Capital’s Adam Checchi and Sallyport Investment’s Kyle Bethancourt in a joint statement.

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