EXCLUSIVE: Strive Asset Management, an Ohio-based financial services company that specializes in non-woke, anti-environmental, social, and governance (ESG) investing, announced on Tuesday it had raised $30 million in Series B funding, as well as its plans to launch a new wealth management offering due to increased demand.
The Series B financing round was led by Cantor Fitzgerald, L.P., and also included Deason Capital Services and Narya Capital, a firm co-founded by Republican vice presidential nominee, Ohio Sen. JD Vance.
The new offering, Strive Wealth Management, comes as the company, which was co-founded by former Republican presidential candidate Vivek Ramaswamy in 2022, says it has seen significant demand for expanded financial services following the early success of its asset management platform across the country.
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"The success of Strive’s asset management business has been extraordinary, growing to over $1.6 billion in assets under management less than two years after the launch of our first ETF," Strive CEO Matt Cole told FOX Business.
"Off the back of this momentum, Strive will be launching a direct wealth management offering focused exclusively on maximizing value for our clients. Many Americans are hungry for an authentic and unapologetic embrace of capitalism, meritocracy, and innovation and that’s what we strive to deliver."
Strive also plans to expand and enhance its products and services using Cantor Fitzgerald's "deep institutional relationships and proven market expertise," and will provide a seat on its board of directors for it and Deason Capital Services.
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"We are strategically investing in fascinating companies — like Strive — that are working to shape our future," Cantor Fitzgerald, L.P. Chairman Howard Lutnick told FOX Business. "We look forward to partnering with Strive on their exciting growth opportunities and believe the wealth management industry is primed for an offering that focuses solely on maximizing value and returns for clients."
Strive made news earlier this year when it announced it would offer a new 401(k) retirement plan for medium and small businesses that would focus purely on maximizing shareholder profits and forego "woke" ESG investing priorities.
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The company said at the time that the plan, in partnership with financial services provider Ameritas, would "allow employers to offer a customized 401(k) plan specific to their company’s needs while allowing their employees to enjoy Strive’s investment philosophy of prioritizing shareholder value maximization over the interests of other stakeholders."
