Income Laboratory Inc., a Denver-based firm that sells retirement planning software to financial advisors, has raise $1.7 million in seed financing from industry executives and investors.
Among the investors are Dave Agostine, a former managing director for BlackRock and former CEO of Cachematrix; Tom Florence, a managing director at Hamilton Lane and former CEO of 361 Capital; and Robert Pinkerton, CFO at Conga and an Income Lab board member.
The company announced Sept. 8 that it completed the financing round, which it will use to continue to deliver and market its software. The firm’s total funding hit $3 million with the latest round.
Income Lab introduced a beta version of its cloud-based software in early 2020 for financial advisors and planners. Small- and mid-sized registered investment advisors are the company’s target market.
Now fully launched, the software incorporates economic and market conditions, dynamic spending analysis, tax-distribution planning and automated plan monitoring and management. Income Lab charges advisors approximately $159 a month per seat.
Earlier this year the firm added a tax center that provides advisors with tools to evaluate the tax consequences of various portfolio withdrawal strategies.
