Cashmere raises $3.6 million seed round to speed growth
Cashmere, an AI platform that helps wealth management firms win and keep clients, has raised $3.6 million in seed funding. The capital will accelerate product development and fund strategic hires, including a new Head of Machine Learning to deepen the platform’s core capabilities.
Co-founded by Farbod Nowzad and Eshan Govil, Cashmere uses artificial intelligence to automate the time-consuming parts of client acquisition—finding the right prospects, researching them, and starting the right conversations. The result is a scalable way for firms to build stronger pipelines without adding more manual work.
The timing matters. The much-discussed “Great Wealth Transfer” is underway, with over $60 trillion in assets in motion. Yet many wealth management teams—new boutiques and established firms alike—still lean on referrals and a patchwork of tools to fill high-net-worth sales funnels. Reliable, repeatable systems for nurturing those prospects are often missing, which makes growth uneven and slow when it doesn’t need to be.
Farbod Nowzad, the CEO and Co-founder of Cashmere, shared his thoughts: “There’s essentially no other industry where you can acquire a non-enterprise client that generates $50k-100k per year in revenue and sticks around for 20-30 years. Despite this, the industry does not have the infrastructure and intelligence layer to consistently identify who the best clients are, match them with the right advisor, and begin the trust-building process. By relying on referrals and dated processes, firms are leaving a lot of money on the table. We built Cashmere from first principles to address this.”
The seed round was led by Canapi Ventures, a fintech-focused venture capital firm, with participation from Benchstrength, Plug and Play, The House Fund, Courtyard Ventures, and several angel investors. As the lead, Canapi Ventures will serve as board observers and support Cashmere as it scales.
Jeff Reitman, General Partner at Canapi Ventures, remarked: “Cashmere has hit on a fundamental challenge for wealth management firms in its mission to revolutionize client acquisition. Its platform equips firms with the intel they need to efficiently acquire and retain high-value clients, and their team has already begun working with advisor teams at some of the largest banking platforms. We believe that Cashmere’s technology will not only transform how wealth management firms operate but also set a new standard for client acquisition across the industry.”
Cashmere’s software is built to spot when ideal prospects are actively seeking wealth management services and to match them with the right advisor inside a firm. It surfaces meaningful life events, scales what looks like human research, and stitches together hard-to-find data sources to create a clearer picture of each potential client. The platform aligns with strict compliance and data security requirements, supporting firms that operate in a tightly regulated environment.
What the product looks like in practice:
- Optimal matching: Prioritizes the best-fit prospects for each firm and routes them to the advisors most likely to win and serve them well.
- Mutual connections: Finds shared relationships between advisors and prospects to build trust faster and raise response rates.
- Personalized outreach: Generates tailored messages and materials from the advisor to the specific prospect, improving engagement quality and consistency.
- Integrations: Connects with existing CRM systems and enhances lead management, including client-similarity modeling to uncover lookalike prospects.
Under the hood, Cashmere is designed to remove manual drudgery from prospecting while keeping advisors at the center of the relationship. It helps firms decide who to contact, when to reach out, and what to say—then measures what works so teams can improve over time. That focus on fit, timing, and context is the thread that runs through the product.
About Cashmere: Cashmere is an AI-driven client acquisition platform built for the wealth management industry. It automates the identification, cataloging, and engagement of prospective clients and offers an end-to-end approach to the marketing, sales, and lead generation challenges that financial services firms face.
Frequently Asked Questions
What will Cashmere use the $3.6 million seed funding for?
The funds will accelerate product development and support key hires, including a Head of Machine Learning, to strengthen the platform’s AI-powered prospecting and matching.
Who founded Cashmere?
Cashmere was co-founded by Farbod Nowzad and Eshan Govil.
How does Cashmere help wealth management firms acquire clients?
It automates the heavy lifting: identifying the right prospects, researching them at scale, and enabling personalized outreach. Cashmere also integrates with firms’ CRM systems and supports client-similarity modeling to improve lead discovery and follow-through.
What makes Cashmere’s platform different?
Cashmere combines data on significant life events with hard-to-find sources, then uses AI to match prospects to the best-fit advisors and guide tailored outreach. It’s built with compliance and data security in mind for regulated financial environments.
Who led the seed round, and who participated?
Canapi Ventures led the round and will serve as board observers. Benchstrength, Plug and Play, The House Fund, Courtyard Ventures, and several angel investors also participated.
