DPL Financial Partners, an insurance management platform for registered investment advisors, has received a $23 million investment in a Series C funding round led by Eos Ventures, an insurance-focused venture capital firm. Others included TIAA Ventures and other insurance investors, marking the first investments in the company by insurers.
“Having the backing of leading insurers validates our business thesis and we remain committed to bringing disruptive products and technologies to market that empower advisors as fiduciaries and put investors first,” the founder and CEO said in a statement. of DPL, David Lau.
This brings DPL's total funding to $69 million and follows an additional $20 million investment in 2022 from the company's two outside investors, Eldridge and Atlas Merchant Capital. Both of them too invested $26 million in 2021.
The additional funding will be used to enhance the DPL platform and expand its distribution capabilities.
Eos Ventures principal Galen Shaffer will join DPL's board of directors.
“As a firm, we've struggled with the 'retirement puzzle,' and we envision a future where technology, transparency and fiduciary alignment can enable more individuals to have better access to income protection,” Shaffer said. in a statement. “DPL is at the forefront of retirement and insurance delivery innovation, and we are excited to support their future expansion.”
DPL, which was launched in 2018 by Lau, is a membership organization focused on bringing commission-free insurance products to the RIA market. The Louisville, Ky.-based company. has grown to $3.7 billion in assets on the platform and works with more than 6,500 RIA firms, representing over 45,000 advisors. In June, the company surpassed $3 billion in sales.