Turbine Finance, a Santa Monica-based fintech platform, has officially launched from stealth mode with more than $121 million in funding to address the liquidity needs of private equity and venture capital investors.
The company secured $13 million in Series A funding co-led by Alpha Edison and TTV Capital, with participation from Fin Capital, B Capital, and Sozo Ventures. Combined with previously unannounced seed funding of $8.75 million, Turbine has raised $21.75 million in equity.
In addition, Turbine has entered into an agreement with Silicon Valley Bank, a division of First Citizens Bank, for a warehouse facility of up to $100 million to support its lending platform.
Led by fintech veteran Mike Hurst, formerly CEO of Exactuals, Turbine provides a data-driven loan platform allowing general partners (GPs) and limited partners (LPs) to borrow against their existing fund investments. The platform is designed to unlock capital typically trapped in illiquid fund positions without requiring investors to reduce exposure.
Turbine’s underwriting engine uses machine learning and data science to streamline months-long processes into days, producing actionable fund performance insights and underwriting valuations. The company plans to use its capital to fully deploy the warehouse facility and expand its data science team, aiming to onboard seasoned fund managers with proven track records.
The backing from SVB and Turbine’s investors reflects growing demand for liquidity solutions in private markets, which represent over $13 trillion globally.
Venture capital firms interested in using the platform can visit www.turbine.co.
