Digital wealth management platform YieldStreet has closed a $62 million Series B funding round led by Edison Partners and joined by Greenspring Associates and existing investor Raine Ventures.
YieldStreet gives individuals access to the kind of alternative investments - such as real estate, marine and shipping, legal finance, and commercial loans - normally reserved for institutions.
Over the past three years, the firm has built up a community of over 100,000 that has invested more than $600 million and seen over $50 million of interest generated, with an expected 12% internal rate of return.
The latest funding will be used to bring in more products, attract new users, make hires and go after strategic acquisitions.
Chris Sugden, managing partner, Edison Partners, who is joining the YieldStreet board, says: "True wealth creation opportunities have been either too expensive or off limits for most investors.
"YieldStreet is going after this market in a way the best innovators do. They are building a multi-product platform that brings a new level of investing inclusion to those looking to build wealth and save for their future."
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