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Passthrough offers a sophisticated platform designed to automate and streamline the entire investor onboarding and subscription process for private funds. The company’s core product facilitates the digital distribution of subscription agreements, manages financial crime compliance, and centralizes complex fund workflows. This approach significantly enhances efficiency and reduces manual overhead for fund managers, ensuring a more compliant and expedited capital-raising experience.
The company was co-founded by Ben Doran, who serves as CEO, and Mark Mangion, the CPO, both bringing significant prior experience from Carta. They established Passthrough around 2022, identifying a critical market need to simplify the often-cumbersome and paper-intensive procedures within the private investment landscape. Their insight centered on transforming these outdated processes into a seamless, automated digital workflow.
Passthrough's clientele primarily consists of private fund managers seeking to optimize their operational efficiency and provide a superior experience to their investors. The platform supports these managers in accelerating their fundraises while maintaining rigorous compliance standards. Passthrough’s overarching mission is to power investor identity information for the entire alternative investment ecosystem, driving towards a future of frictionless and transparent private capital flows.
Passthrough has raised $15.0M across 2 funding rounds.
Passthrough has raised $15.0M in total across 2 funding rounds.
Passthrough is a fintech SaaS platform that automates fund workflows for private fund managers, specializing in electronic subscription documents, KYC/AML compliance, and 31 CFR requirements to streamline investor onboarding from weeks to minutes.[1][2][4] Founded in 2020 and headquartered in New York, it serves fund managers—from small special purpose vehicles to private equity and real estate funds—by solving clunky paperwork processes with a secure, integrated platform featuring reusable investor data, real-time visibility, and expert-managed compliance.[1][3][4] With 11-50 employees, $15M in total funding (including a $10M Series A led by Positive Sum), and reported revenue of $5.5M, Passthrough demonstrates strong growth momentum through paying customers across fund sizes and plans for API expansions targeting enterprises.[1][2]
Passthrough was founded in 2020 by Alexandre Laplante, Ben Doran, and Tim Flannery, all former leaders from Carta's Investor Services team, who identified inefficiencies in subscription agreements while handling investments.[1][2][3] Laplante (engineering lead, based in Silicon Valley), Doran (product and sales, New York), and Flannery (go-to-market strategy, Philadelphia) bootstrapped initially, leaving their jobs to build full-time; Flannery joined permanently in spring 2021 after business school at Wharton.[3] Early traction came from paying customers like million-dollar SPVs and larger PE/real estate funds, with the platform built on Google Cloud, Python, React, and Go—prompting plans for hiring engineers, designers, and sales roles in New York and Philadelphia.[3]
Passthrough rides the fintech wave of workflow automation in private markets, where rising regulatory demands (KYC/AML) and digital transformation meet exploding fund volumes amid low-interest environments.[1][4] Timing is ideal post-2020 fundraising boom, as funds seek efficiency to close faster without paperwork bottlenecks—positioning Passthrough against incumbents like Carta by focusing on end-to-end compliance for investment advisers.[2][3] It influences the ecosystem by enabling funds to prioritize relationships over admin, fostering reusable data standards, and supporting diverse managers from SPVs to asset giants, while API expansions could standardize onboarding industry-wide.[1]
Passthrough is primed for scale with its $10M Series A fueling enterprise APIs and product enhancements, potentially becoming the default for fund closings as automation demand surges.[1] Trends like AI-driven compliance, private market digitization, and regulatory tightening will accelerate adoption, evolving its role from niche solver to infrastructure layer for fintechs and admins. As it hires and expands, expect deeper integrations and global reach, solidifying its edge in turning paperwork pain into seamless growth for funds—echoing its origins in fixing Carta's gaps.[1][3]
Passthrough has raised $15.0M across 2 funding rounds. Most recently, it raised $10.0M Series A in January 2023.
Passthrough has raised $15.0M in total across 2 funding rounds.
Passthrough's investors include Positive Sum VC, 7percent Ventures, Alumni Ventures, Audrey Capital, C2 Investment, Flex Capital, Greylock, Hustle Fund, LGF, M13, Offline Ventures, Pantera Capital.
