bunch, an AI-native platform for private market fund operations, has successfully closed a $35 million Series B funding round. The investment was led by Portage, with significant participation from Illuminate Financial and existing investors, bringing the company's total capital raised to over $58 million. This new funding will fuel the company's expansion across Europe and enhance its AI-driven automation capabilities for fund managers.
Addressing Operational Pressures in Private Markets
The private markets are experiencing unprecedented growth, with assets under management projected to reach $32 trillion by 2030. This expansion has placed immense operational pressure on fund managers, who must navigate greater complexity and increased reporting demands. Many firms still rely on outdated systems like spreadsheets and manual processes, which are ill-equipped to handle this scale.
In response to these challenges, bunch offers a modern, integrated digital operating layer that spans the entire fund lifecycle. Built specifically for Europe's complex, multi-jurisdictional private markets, the platform helps managers scale their operations efficiently. It provides a single source of truth to manage entities, investors, and regulatory requirements seamlessly.
Leveraging AI for Enhanced Efficiency
At the core of bunch's platform is its AI-native infrastructure, which is designed to transform manual workflows. The system can ingest unstructured fund documentation, automatically extract and structure critical data, and retain traceability to source documents. This approach significantly reduces manual effort while preserving essential auditability and human oversight in key processes.
The company's recent performance underscores the value of its solution, with annual recurring revenue growing by 300% in 2025. bunch now supports over 150 fund managers and 12,000 limited partners across major European jurisdictions, achieving a 156% net revenue retention rate. Notable clients include firms like Passion Capital, Antler, and Hummingbird VC.
Strategic Allocation of New Capital
The newly secured capital will be deployed across three strategic priorities, beginning with accelerated commercial expansion. bunch plans to strengthen its go-to-market strategy and grow its customer base of private equity managers in key European hubs. The primary focus will be on markets such as Germany, the United Kingdom, and Luxembourg.
Beyond geographic growth, the funding will drive significant product and technology development to deepen automation and AI-native workflows. This includes enhancing capabilities for capital calls, compliance, distributions, and reporting. The company also aims to build a scalable operating model to support a broader range of fund operations across new asset classes.
Investor Confidence and Market Vision
Lead investor Portage views bunch as a provider of structurally necessary infrastructure for a rapidly evolving market. Hélène Falchier, a Partner at Portage, noted that the platform was built from within Europe's uniquely demanding regulatory environment. This deep understanding of regional complexity gives bunch a defensible and difficult-to-replicate market position.
This sentiment is shared by other investors, including Illuminate Financial, who see the company addressing a critical gap. Konstantin Koenig, a Principal at the firm, highlighted that bunch is positioned at the intersection of operational risk and commercial opportunity. He praised the team's fund-operations depth and execution velocity in tackling this industry-wide challenge.
This $35 million investment marks a significant milestone for bunch, validating its mission to modernize the operational backbone of private markets. With fresh capital and strong investor backing, the company is well-positioned to scale its AI-powered platform across Europe. The funding will accelerate the shift away from legacy systems, enabling fund managers to operate with greater efficiency and control in an increasingly complex industry.