Bunch Closes $35M Series B to Modernize Private Fund Operations
Bunch, an AI-native fund operations platform, has raised $35 million in Series B funding led by Portage. The round included participation from Illuminate Financial and follow-on investment from existing backers Motive Partners, Cherry Ventures, and Fintech Collective.
The company replaces spreadsheet-based workflows with integrated software across the fund lifecycle. Its platform ingests unstructured fund documentation, extracts and structures data, and maintains traceability to source documents while preserving audit trails.
The Operations Challenge
Private markets are growing faster than the infrastructure supporting them. Assets under management are forecast to reach $32 trillion by 2030, yet fund managers still rely on email, spreadsheets, and manual processes for core operations.
Regulatory pressure is intensifying. New structures like ELTIF 2.0 are broadening private wealth access to alternatives, forcing managers to serve more investors, deliver more reporting, and manage greater complexity across multiple jurisdictions.
Where Bunch Operates
Bunch supports over 150 fund managers and 12,000 limited partners across major European jurisdictions. Its customer base includes FINVIA Family Office, Passion Capital, Hummingbird VC, Merantix, Tiny Supercomputer, and Antler.
The company grew annual recurring revenue by 300% in 2025 and achieved 156% net revenue retention, a metric that shows how much existing customers expand their spending.
How the Funding Will Be Deployed
Bunch will use the capital for three priorities:
- Commercial expansion: Growing its customer base of private equity managers in Germany, the UK, and Luxembourg.
- Product development: Deepening automation and AI workflows for capital calls, compliance, distributions, and reporting.
- Organizational scale: Building systems to support additional asset classes and jurisdictions.
Why Investors Backed the Company
Helene Falchier, partner at Portage, said the company has built "exactly" the financial infrastructure that becomes necessary as markets grow. She noted that Bunch's founders built their solution from within Europe's regulatory environment rather than trying to adapt systems from outside.
Konstantin Koenig, principal at Illuminate Financial, said the gap between private markets growth and operational infrastructure creates both risk and opportunity. He cited the team's fund operations expertise and execution speed.
Bunch has now raised over $58 million in total funding, making it one of Europe's most well-capitalized platforms focused on private fund operations.
For operations professionals managing fund workflows, understanding how AI Agents & Automation can reduce manual processes is increasingly relevant. Those in operations roles may also benefit from exploring an AI Learning Path for Operations Managers to understand how these tools fit into modern fund operations.
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