Caruso Raises $6.5 Million Series A, Expands AI Fund Administration Platform

Apr 16, 2026
Caruso has raised $6.5 million in Series A funding, bringing its valuation to $55 million. The AI-native fund administration platform now manages $55 billion in assets and plans to expand its AI agent capabilities and team across the US, Australia, and New Zealand.

Caruso has raised $6.5 million in Series A funding and reached a $55 million valuation, announced in a press release. The round was led by Icehouse Ventures and GD1, with participation from Balmain, which also led Caruso’s previous funding round in September 2024.

The company provides AI-native fund administration software and integrated services for private market managers. Over 80 fund managers, including Centuria Capital Group, now use Caruso’s platform. Assets under administration have surged tenfold to $55 billion in the past year, accompanied by a 400 percent revenue increase.

Founded in Auckland by Mark Hurley and Oliver Shaw, Caruso plans to use the new capital to accelerate product development, enhance its AI agent capabilities, and expand its workforce across the United States, Australia, and New Zealand. The company continues to base its product and engineering operations in Auckland, New Zealand.

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