Moment today announces that it has raised $36 million in Series B funding led by Index Ventures, with participation from Andreessen Horowitz, Lightspeed Venture Partners, Venrock, Neo, and Contrary Capital.
The round brings Moment's total funding to $56 million and will be used to accelerate growth, advance partnerships with leading financial institutions, invest in research and development, and continue expanding its team in New York City. Bloomberg covered the announcement here.
"Demand for fixed-income has exploded, and leading financial institutions are capitalizing on this unique opportunity to seize market shareâ said DylanâŻParker, CEO and coâfounder of Moment. âThese firms are partnering with Moment to co-create the future of fixed income - empowering their fixed income teams with a differentiated platform to win new business, unlock eight-figure revenue channels, and genuinely 10x their productivity.â
The $150âŻTrillion Fixed Income Market Is at an Inflection Point
The funding comes amid a period of rapid transformation for the fixed income market:
- Electronic trading has skyrocketed, with corporate bond electronic volumes growing 10x over the last decade
- Rising rates - from near zero to roughly 5% - have sparked a surge in demand
- AI advances are enabling workflow automation that was once thought impossible
The round brings Moment's total funding to $56 million and will be used to accelerate growth, advance partnerships with leading financial institutions, invest in research and development, and continue expanding its team in New York City. Bloomberg covered the announcement here.
Partnering with Leading Financial Institutions
Moment recently announced strategic partnerships with LPL Financial, the largest independent broker-dealer in the U.S. with over $2T in assets under management.
âMomentâs platform is helping us reimagine whatâs possible in fixed income,â said Mike Haire, Senior Vice President of Fixed Income at LPL. âIn my 25+ years of experience leading large fixed income teams, Moment is the innovative solution weâve been waiting for and the only player in the market offering a single, unified fixed income platform for wealth management firms. Their technology enables our team to be 10x more efficient with their time while delivering enhanced execution for our advisors.â
Moment is also partnering with Sanctuary Wealth, a leading hybrid RIA and broker-dealer with over $50B in assets under management.
âMomentâs fixed-income technology is so revolutionary that our senior leadership team has started weaving it into recruiting pitches with significant advisor teams.â said Josh Freeman, Head of Capital Markets at Sanctuary. âIt demonstrates Sanctuaryâs commitment to delivering best-in-class technology that supports our advisorsâ businesses.â
âMoment is tackling the worldâs largest financial market with exceptional speed and rigor,â said JanâŻHammer, Partner at IndexâŻVentures, who was a board member at Robinhood and Adyen and will join Moment as a new board member. âTheir unique blend of deep fixedâincome expertise and worldâclass engineering is why the most selective financial institutions are choosing them as a strategic partner.â
Dairy and daily essential startup Doodhvale Farms has raised $3 million in a Series A round led by Atomic Capital as it looks to boost its offline expansion and expand its delivery pincodes, Founder and CEO Aman Jain told YourStory.
Founded in 2019 by Sudhir Jain, Aman Jain, Ishu Jain and Sanjay Jain, the company is a vertically integrated milk delivery and daily essential provider, which offers milk, dairy-based products and daily essentials through its app and offline stores.
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The round also saw participation from Singularity Early Growth Opportunities Fund, Bharat Founders Fund, Indigram Lab Foundation, and angel investors.
The farm-to-home supplier plans to use the funds to expand its distribution channels, especially its offline foray, and penetrate its online model across more pincodes in the region.
Doodhvale Farms, which competes with legacy players like Amul Saras and bigger incumbents like Country Delight, Akshyakalpa, and Mother Dairy along with thousands of unorganised milk farmers, is banking on product sourcing and quality as a key differentiator.
âDoodhvale Farms' milk comes from a single source, it is essentially produced at a livestock farm rather than being collected from different village-level collection centres,â Jain told YourStory.
Collection centres don't offer brands to control farming practices and donât enable end users to trace their milk back to the source. This setup also often has multiple vendors and agents taking care of different parts and a longer time gap between the milk being produced and delivered, he explained.
Therefore, a vertically integrated supply chain allows Doodhvale Farms to have complete control over the end product, ranging from what kind of feed is given to the cattle to the temperature at which milk and other products are stored and transported. This allows the company to offer adulteration-free and antibiotic-free milk, said Jain.
The company, which has been EBITDA profitable for the last three years, currently operates through its app-based subscription model and exclusive brand outlets, offering over 100 SKUs including varieties of milk, paneer, khoya, paneer, and even bread.
According to Apoorva Gautam, Founder and Managing Partner at Atomic Capital, investors will closely track how fast and efficiently the company will acquire users and retain them, along with efficiency in their operations, given the perishable nature of its primary product i.e. milk.
Lately, similar startups have seen heavy consolidation in the sector. Milkbasketwas acquired by Jio Mart in 2023, leading to a sleuth of redundancies in the sector. Daily Ninja which was acquired by BigBasket in 2020. Its namesake, Doodhwala, shut shop back in 2019 and handed over its assets to omnichannel meat retailer FreshToHome.
Last month, bigger incumbent Country Delight closeda Rs 200 crore debt financing from Alteria Capital to drive its brand expansion, marketing efforts and capacity building.
NCR-based Doodhvale Farms is focusing on creating products specific to certain markets rather than general merchandise that will be popular across regions. It is doubling down on expanding its reach in Delhi-NCR and has a portfolio of desi treats that includes Mathura, Khoya Peda, Alwar Milk Cake, Punjabi Doda Barfi, etc to support demand for desi treats.
âWe believe this is not a winner-take-all market and ultimately brands offering seamless experience and product quality will win,â noted Gautam, an investor in the company.
Atomic Capital focuses on early-stage consumer startups and has previously invested in beauty and personal care player Conscious Chemist.
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