AUSTIN, Texas, Sept. 13, 2017 /PRNewswire/ -- Liveoak Technologies, a leading provider of digital customer onboarding tools for the financial services industry, is pleased to announce a new equity investment and strategic partnerships with top financial services firms. The capital investment and partnerships will accelerate Liveoak's continued growth and expand its best-in-class tools for improving customer onboarding outcomes and digital transactions.
Broadhaven Capital Partners and Wild Basin Investments led a $2.5 MM equity investment, along with partnerships and investment from Manulife (John Hancock in the U.S.), Northwestern Mutual Future Ventures and Prudential's Gibraltar Ventures. Additional investors include Techstars Venture Capital Fund, MATH Venture Partners, Zelkova Ventures, and industry leader Glenn Shimkus, the Founder of Cartavi and former VP of Product for DocuSign.
Enterprise customers use Liveoak's platform to streamline and digitize onboarding workflow and offer clients a remote experience that replaces in-person meetings. Representatives and their customers work together in a secure, digital conference room to complete required paperwork, verify identity, sign documents and fulfill regulatory requirements. This guided customer experience reduces drop off rates and improves closing ratios. Also, customers have the convenience of not having to physically visit a branch or office.
"Liveoak has created an innovative solution to solve a problem that transforms businesses and enables more efficient completion of transactions," said Michael Sidgmore, Venture Partner at Broadhaven Capital Partners. "Liveoak's technology is transformative for the digital transaction management process – if eSignature solutions have solved the last mile problem for the digital completion of transactions, we see Liveoak as the solution that enables enterprises to get to the last mile faster."
Liveoak and its industry-leading investors share a strong commitment to improving digital customer experiences in financial services. "Northwestern Mutual Future Ventures is proud to be partnering with Liveoak to reimagine how clients engage with financial services firms to complete the often-complex paperwork process. We have seen firsthand the efficiency and improved client experience the Liveoak platform can deliver and look forward to working with the Liveoak team," said Craig Schedler, Venture Partner at Northwestern Mutual.
Tim Ramza, Chief Innovation Officer at Manulife adds, "We have been very impressed with the immediate impact that Liveoak has made within our Retirement Plan Services division and it aligns well with our strategy to make early-stage investments in technology that can have a material impact on our existing businesses."
About Liveoak Technologies, Inc.: Founded in 2015 by Andy Ambrose and Pete Rung, Liveoak provides enterprises with onboarding, identity verification and transaction tools to keep human interaction in the digital customer experience. To date, Liveoak has raised $5.3 million in venture financing. Liveoak is SOC certified by the American Institute of Certified Public Accountants, is a TechStars company and was selected as one of 50 Austin startups to watch in 2017. Liveoak is based in Austin, TX with an office in New York City.
Liveoak Technologies, Inc. 600 Congress Ave. Austin, TX 78701