# Parallel Markets

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/parallel-markets

- Industry: Financial Services
- Headquarters: New York, US
- Website: www.parallelmarkets.com/
- Total disclosed funding: $20M
- Latest round: Series A (Mar 24, 2023)
- Investors on record: 7

## About

Based in New York, US, and founded in 2018, Parallel Markets Inc. is an identity verification and accreditation platform for financial platforms. The company was co-founded by Tony Peccatiello (CEO), Nicholas Goss (COO), and Brian Muller (CTO). In March 2020, Parallel Markets Inc. raised USD 4.3 million in seed funding from new investors Alumni Ventures Group, ENIAC Ventures, Supernode Ventures, with participation from individual investors. Additionally, in December 2021, Parallel Markets raised USD 7.25 million in Series A funding led by new investor Union Square Ventures, with participation from Union Square Ventures, Lux Capital, RiverPark Ventures, and returning investors ENIAC Ventures, Supernode Ventures. The Series A funding valued the company at USD 25 million post-money. Parallel Markets offers a Identity platform for financial institutions to onboard clients and validate their information - users can track investors, check the Know-Your-Customer (KYC), and Anti-Money Laundering (AML); 506(c) Accreditation statuses; Web3 Financial Compliance for on-chain identity and sanctions monitoring; and Parallel Passport which is a portable digital identity solution that satisfies regulatory KYC/AML, Customer Due Diligence Rule and investor accreditation requirements. The company plans to use the 2022 funding to expand its identity platform, drive market adoption in the traditional financial markets and bring a critical piece of infrastructure to market for decentralized transactions in Web3 that can simultaneously enable integrity and anonymity. In January 2025, iCapital, a portfolio company of Affiliated Managers Group, Bank of New York Mellon Private Equity, BDT & MSD Partners, BlackRock, Blackstone Group, Blue Owl Capital, Capstone Partners, LLC., Carlyle Group, Eaton Partners, Evercore Partners, Gen II Fund Services, LLC, Goldman Sachs Merchant Banking Division, Golub Capital, Hamilton Lane, JP Morgan Asset Management, KKR, Monument Capital Group Holdings, Morgan Stanley Alternative Investment Partners, Morgan Stanley Investment Management, NEXT Investors, Noah Holdings (Hong Kong), Panorama Point Partners, Park Hill Group, Ping An Global Voyager Fund, Pivot Investment Partners, UBS, Wells Fargo Bank, and Westcap management, acquired Parallel Markets Inc. from Alumni Ventures Group, Comcast Ventures, Eniac Ventures, Lux Capital, RiverPark Ventures, Supernode Ventures, and Union Square Ventures for an undisclosed amount.

The acquisition aims to enable iCapital to enhance its onboarding, compliance, and operational efficiency by integrating reusable Know Your Customer and Anti-Money Laundering passport solutions into its alternative investment ecosystem.

## Funding rounds

- Series A, Mar 24, 2023, $8.6M — Alumni Ventures Group
- Series A, Dec 17, 2021, $7.3M — Comcast Ventures, Union Square Ventures, Lux Capital, Eniac Ventures, RiverPark Advisors, Supernode Ventures
- Seed, Mar 27, 2020, $4.3M — Eniac Ventures, Alumni Ventures Group, Supernode Ventures

## Investors

- Eniac Ventures (https://capitalatlas.ai/funds/eniac-ventures) — Seed, Series A
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Seed, Series A
- Supernode Ventures (https://capitalatlas.ai/funds/supernode-ventures) — Seed, Series A
- Comcast Ventures (https://capitalatlas.ai/funds/comcast-ventures) — Series A
- Union Square Ventures (https://capitalatlas.ai/funds/union-square-ventures) — Series A
- Lux Capital (https://capitalatlas.ai/funds/lux-capital) — Series A
- RiverPark Advisors (https://capitalatlas.ai/funds/riverpark-advisors) — Series A