New York-based Harness Wealth announced that it closed its Series A round at USD 15 Million on 29th June 2021, making the total fundraising of the company to USD 19 MIllion.
This funding round was led by Jackson Square Ventures. The participants of this round were some of the new and existing backers of Harness Wealth like FJ Labs, GingerBread Capital, First Minute Capital, i2BF Ventures, Brain Capital, Activant, Torch Capital, Ori Allon, founder of Compass; Brain Capital Private Equity, former co-head Paul Edgerley.
Harness Wealth plans to utilize a part of this fresh Capital to develop its own chained business, Harness Tax. As the CEO explains it, most of the customers of the company are concerning tax as an important criterion to look on, as thing going on with SPACs, remote work, IPO front, and Cryptocurrencies, in which people are giving money but around which the tax code has been playing catch-up.
The CEO also mentioned that Harness Wealth is currently not profitable with a workforce of 22 people. “Our goal is only to help people where we can add value, and we saw an opportunity to lean in on the tax side.” The company has “a very large population of people who may not understand their tax liabilities” because of the crypto boom, in particular, he explains, “We want to make sure we’re front and center” and ready to help as needed.
About Harness Wealth –
Harness Wealth was founded and established by David Sinder and Katie Prentke English in the year 2018, having its headquarters in New York. The company is concerned with providing financial services, consulting, and wealth management.
David Sinder got his journey started as an associate with Bain & Company and further with Bain Capital, that he became the first business hire at Compass and got promoted to COO and CFO after the real estate firm raised USD 25 Million in 2013.
Katie Prentke spent nearly six years at American Express, she spent a couple of years in Nutmeg as CMO. She left that profile to start Harness after meeting with Sinder through a mutual friend.
We can say Harness Wealth makes money, it gathers the part of fees that consultants and advisors charge for their services. Sinder explained the percentage differs as “ongoing revenue share to ensure alignment with our clients.” In other words, he adds, “We only do well if they find long-term success with the advisers on our platform.”
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