Maybern’s new $50M Series B feels like someone finally turned the lights on in a room the private markets pretended was perfectly organized. Battery Ventures stepped in to lead the round, and when a firm that helped scale some of the most serious enterprise software out there shows up, it signals that the quiet operators have stopped being quiet. Battery Ventures also brought Marcus Ryu onto the board, the same Marcus Ryu who built Guidewire into a $1B+ revenue machine. When he bets on a company modernizing fund ops, it means the industry’s old habits just ran out of runway.
Ross Mechanic and Ashwin Raghu built Maybern because they kept seeing fund CFOs managing $1B+ PE, private credit, and real estate vehicles like they were trying to keep a Jenga tower from collapsing. Ross Mechanic watched this play out at Cadre long enough to know spreadsheets were never going to scale. Ashwin Raghu brought the engineering gravity that comes from leading data teams at Instagram NY and iHeartRadio before building core systems at Cadre. Put those two together and you get a platform that treats fund ops with the precision of institutional finance and the creativity of top-tier tech.
Maybern became the OS for private funds, handling waterfalls, allocations, fee structures, credit facilities, scenario modeling, LPAs, and audit trails without begging Excel for mercy. The market responded fast. AUM on the platform surged past $80B with a 4.6x YoY spike in usage. Gauge Capital, Madison Realty Capital, and other institutional players already rely on Maybern because it gives them something they have never had: real-time operational control instead of reactive reporting that shows up late and argues with itself.
Primary Venture Partners, Human Capital, MetaProp, Grafton Street Partners, Camber Creek, and Friends & Family Capital all doubled down. These aren’t tourists. They stay only when execution is undeniable. The company grew its team 83% YoY and expanded into an 11K sq ft HQ at 10 Astor Place just to keep pace with demand. That momentum is now getting weaponized. The new capital fuels an R&D surge focused on AI tools that simplify audits, tighten compliance, and let managers interrogate their fund data like it’s a living system rather than a pile of reconciliations. Scenario modeling is shaping up to be a portfolio strategy engine that gives managers foresight instead of hindsight.
The alternatives universe has ballooned past $16T, yet most of it still runs on workflows that feel older than the analysts asked to maintain them. Maybern isn’t offering magic. They are offering infrastructure built by people who understand the stakes. And in private markets, infrastructure is what wins.
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