FLX Distribution, a Basking Ridge-based technology platform for asset management firms and distribution professionals, announced on Tuesday it has closed a $2.5 million seed round, named two industry executives to its board of directors and added to its existing advisory board.
“The FLX vision of a new model of distributing investment offerings to wealth managers and financial advisors is a reality as we welcome new investors to our company, add to our stable of board-level executives and add asset managers and distribution professionals to our platform,” Brian Moran, founder and CEO, FLX, said. “The industry overall and end-user investors will benefit as FLX adds accessibility, entrepreneurial drive and complete flexibility to the investment product distribution process.”
The seed round was led by RiverNorth Capital Management LLC and included six private investors. Terms of the deal were not disclosed, but proceeds from the funding will be used for general corporate purposes, technology development and product launches.
FLX also said it named two members to its board of directors — Paul Hatch and Patrick Galley — and added a member to its advisory board — Fran Cashman.
Hatch is a group managing director, Northeast divisional director in wealth management for UBS. Galley is the CEO and chief investment officer at RiverNorth Capital Management. Cashman is the founder and principal of Mayfair Davie Consulting.
