Luma, a company specialising in structured products and insurance solutions, has completed a Series C funding round, raising $63m.
The round was led by Sixth Street Growth, with the company’s principal, Alex Goodman, now securing a seat on Luma’s board of directors.
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The fundraise also saw participation from existing investors including Bank of America, Morgan Stanley, UBS and TD Bank Group.
The capital will be used to speed up Luma’s growth in key markets, advance product development and improve client support services globally.
It will also facilitate Luma’s scaling efforts while preserving the company’s existing leadership and strategic direction.
Broadhaven advised Luma throughout the funding process.
Luma CEO Tim Bonacci said: “This investment is a testament to the confidence our partners have in the value Luma brings to the market and the strength of the foundation we have built. We have experienced significant growth by staying focused on delivering value to our clients, and this new capital will accelerate that trajectory by deepening our presence in key markets and continuing to innovate – all while staying true to the principles that have driven our success.”
Sixth Street Growth co-head Michael McGinn stated: “We believe an objective, end-to-end platform, like the one Luma has built, provides a critical piece of infrastructure to support the rapid adoption of new products in the broader wealth management channel. We are excited to partner with Tim and the Luma team to support their vision of broadening the platform’s product offering and expanding its reach globally.”
In November 2024, Luma entered the life insurance sector as the first platform offering an end-to-end solution integrating life insurance and annuities.
Founded in 2018, with its headquarters in Cincinnati, Ohio, Luma also maintains offices in New York, Miami, Zurich and Lisbon.
