DASH undertaking new capital raise as valuation jumps

The financial planning and software firm, which has around $18 billion in funds under advice on its platform, is undertaking a new round of capital raising from an as-yet unnamed investor that has significantly boosted its valuation.

DASH had secured an initial $20 million investment from capital growth investor Bailador in July 2024 before receiving another $10 million just three months later.

These funds were used to fund DASH’s acquisition of portfolio administration solution Integrated Portfolio Solutions (IPS), structured as a $25 million equity investment and $5 million debt investment.

It completed the acquisition of IPS in October 2024, with the addition of IPS meaning DASH can offer its clients a whole spectrum of wealth tools, including international trading, advanced reporting, and managed discretionary account offerings.

In an ASX statement, Bailador said DASH has since seen an uplift in its carrying value to $44.7 million.

“DASH is currently completing a new capital raising and has signed binding legal documentation with a new investor at a valuation 59 per cent higher than Bailador’s current equity investment,” Bailador said.

“The 59 per cent uplift applies to Bailador’s $25 million equity investment only, delivering a blended increase of 49 per cent ($14.7 million) on the total carrying value which represents an increase in NTA of $0.099 per share (pre-tax).”

DASH declined to comment on what the capital raising would be used for or how much it is.

David Kirk, Bailador co-founder and managing partner, said: “DASH has made very pleasing progress since we invested 12 months ago. This new investment and valuation uplift is a reflection of that progress. Pleasingly, the business has put in place strong foundations for future growth and is well-positioned in the wealth management industry which benefits from attractive tailwinds.”

In May, DASH announced a strategic partnership with global alternatives fintech firm S64 to enhance private market investment accessibility for Australian financial advice practices and their clients.

Through the partnership, DASH’s network of advisers will be able to access multijurisdictional regulatory reporting and customised private market product solutions tailored for a range of client segments, such as family offices through to retail investors.

Moreover, S64 said it will work closely with DASH to offer access to a suite of open-ended and closed-ended global investment managers.