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Vestmark Inc. has closed a $1 million round of additional funding in an inside round from its angel investors, company officials confirm.
Investors in the Wakefield-based maker of financial services software include Cambridge-based Hub Angel Investment Group LLC. Vestmark provides software platforms for the managed accounts industry, supporting products including separately managed accounts, multiple style portfolios, unified managed accounts and unified managed households, according to the company’s website.
CEO John Lunny confirmed the investment, which was first published yesterday in a filing with the U.S. Securities and Exchange Commission, but referred further questions to company president Rob Klapprodt. Klapprodt could not be reached for comment.
Founded in 2001, Vestmark opened a West Coast office in Oakland, Calif., in 2007. In 2004, Vestmark acquired Cambridge-based LifeHarbor Inc., a venture-backed maker of investment account management software. Terms of the deal were not disclosed.
In 2003, the website Private Equity Week reported Vestmark raised $196,000 from private investors in a Series 3 round of equity financing. On its website, the company claims 400,000 accounts representing over $80 billion in assets under management.
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