Caruso, a Dallas, TX–based AI-native fund administration platform for private markets, has raised $6.5 million in a Series A round, achieving a $55 million valuation.
Investors
The round was led by Icehouse Ventures and GD1, with participation from Balmain.
Icehouse Ventures is a venture capital firm based in Auckland, New Zealand. With over $750 million in assets under management, the firm focuses on backing high-growth technology startups across sectors such as fintech, medtech, and software.
GD1 (Global From Day One), also based in Auckland, is an institutional venture capital firm focused on helping local technology companies scale to international markets. GD1 invests in B2B SaaS, deep tech, health tech, and hardware-software interfaces.
Caruso Use of Funds
The company will use the funds to accelerate product development, expand its AI agent capabilities, and grow its workforce across the United States, Australia, and New Zealand.
About Caruso
Founded in Auckland by Mark Hurley and Oliver Shaw, Caruso is an AI-native fund administration platform that provides software and integrated services to private market managers. The company offers a unified system of record across CRM, compliance, registry, capital raising, and investor portals, enhanced by AI agents that streamline workflows and improve accuracy. Caruso serves over 80 fund managers, including enterprise clients such as Centuria Capital Group, and supports more than 900 funds across Australia, New Zealand, and the United States.
Funding Details
Company: Caruso
Raised: $6.5M
Round: Series A
Funding Date: April 2026
Lead Investors: Icehouse Ventures, GD1
Additional Investors: Balmain
Company Website: https://www.getcaruso.com/
Software Category: AI- Fund Administration
Source: https://www.prnewswire.com/news-releases/caruso-raises-6-5m-series-a-assets-under-admin-surge-to-55bn-302744367.html