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The $2.5m deal will allow Allocations to implement Lumen's accounting tools into the platform
When dealing with private equity, connecting smaller angel investors with companies can be a struggle with more than a couple of hurdles to overcome. One company looking to change that is Allocations, a private equity and venture capital platform.
Now, the company has announced that it has acquired Lumen Advisory & Finance for $2.5 million in cash and stock. This purchase should help improve Allocations' platform by bringing in Lumen's accounting automation tools and knowledge into it, ideally making the experience more streamlined for users.
"We're thrilled to be joining a company that's so closely aligned with our vision and values," says Nicholas Bird, CPA, Founder and President of Lumen Advisory & Finance.
Essentially, the platform looks to disrupt how investments work by helping shift the power from large VC firms and giving more tools to angel investors.
The platform boasts a "one-click" experience to help investors connect with a variety of private investment deals, including startups, funds, and real estate.
In the press release, Kingsley Advani, Founder and CEO of Allocations notes, "Our reason for being has been to decrease the time, cost, and barriers to entry that the private equity industry has hidden behind for its entire existence, and Lumen fits beautifully into that picture."
Allocations was founded in 2019 and to date has reached $250m+ in transaction volume with 600+ private funds.
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