Pitch Deck: Family Office Fintech Startup Asseta AI Raises $4.2 Million

Family offices in the US managed $3.1 trillion worth of assets last year, according to a Deloitte report. That’s more than the market caps of Meta and Tesla, combined.

But many family offices manage all of those assets using relatively basic software, such as Excel and QuickBooks, as well as borderline prehistoric technologies like fax machines.

The majority — 72% — of family offices said their investment in the technology needed to run their businesses is either insufficient, nonexistent, or only moderately sufficient, according to the Deloitte report.

Asseta AI, founded in 2023, is an accounting platform designed to address this. It works with family offices — the vehicles that oversee the money and assets of the uber wealthy — who together manage more than $10 billion in assets on Asseta AI.

“There’s a huge gap in the market between mom-and-pop accounting software and large enterprise systems like SAP,” Dean Palmiter, Asseta AI’s CEO, told Business Insider.

He was working at accounting tech giant Sage when a client, a former hedge fund manager who had started a family office, described how convoluted it had all become.

“He was using 67 separate QuickBooks logins, and that’s when I had the aha moment,” he said.

Asseta AI’s suite of tools provides consolidated reporting for visibility across all of a family’s legal entities, offering insights into transactions, asset classes, and family members.

In November, Asseta said it raised $4.2 million in seed funding.

It’s a good time to be thinking about wealthy families.

There are more billionaires than ever, and they are wealthier than ever, with a combined net worth of $15.8 trillion, according to a UBS report published this week.

That means more family offices than ever. Last year, Deloitte estimated there were 8,030 family offices globally, and that by 2030, the wealth of families with family offices would reach about $9.5 trillion.

Asseta AI has been feeling the demand. The company, which charges clients $35,000 a year, is on track to be profitable in the next 18 months, Palmiter said. He said he wasn’t actively fundraising when clients began to ask about its reserves, prompting him to explore fundraising options.

“They just want to know that we’re well capitalized for multiple years,” he said. “We were perfectly content bootstrapping.”

The round was co-led by financial services investors Nyca Partners and Motive Partners. The money will be used to expand Asseta AI’s product offerings into areas like forecasting and planning, and scale its team by hiring across engineering and customer success.

The pitch deck that Palmiter used to secure $4.2 million highlights the growing opportunity in the space and outlines how Asseta AI can help meet those needs.

The deck has been edited, and details have been redacted to share it publicly.