Austin fintech startup Liveoak Technologies has raised another funding round – this time to the tune of $2.5 million.
Broadhaven Capital Partners and local firm Wild Basin Investments led the round, which will be used to accelerate the fintech startup’s growth and strengthen its product line.
The VC team from Techstars also participated alongside additional investors MATH Venture Partners, Zelkova Ventures and Glenn Shimkus, founder of Cartavi and former VP of product for DocuSign.
Founded in 2015, Liveoak was selected from nearly 800 startups to join Techstars’ NYC Barclays Accelerator just months after it launched. The Barclays-sponsored branch of Techstars specifically targets startups developing fintech platforms, cyber security and enterprise software.
Liveoak made the cut through its workflow enterprise solutions that emphasize human interaction throughout the digital insurance and financial application processes. Its platform includes live conferencing, remote onboarding, secured signing, customer identity verification checks and collaboration tools.
Upon graduating from Techstars, Liveoak landed their first major customer with a five-year deal from Barclays Bank.
“Barclays was a total game changer,” said Ambrose. “Most customers ask the question, ‘Who in the market is using your software?’ So you can appreciate the value of this first one.”
In conjunction with the recent funding news, the young startup also announced strategic investments and partnerships from Manulife Financial, Northwestern Mutual Future Ventures and Prudential's Gibraltar Ventures.
"We have been very impressed with the immediate impact that Liveoak has made within our Retirement Plan Services division and it aligns well with our strategy to make early-stage investments in technology that can have a material impact on our existing businesses," said Tim Ramza, CIO at Manulife, in a statement.
To date, Liveoak has raised $5.3 million from investors. The growing company holds offices both locally and in New York City.
Image provided by company website.