Byline: Clifford Carlsen
San Francisco's MiFund Inc. raised $25 million in a round led by securities clearing giant State Street Corp. of Boston, locking in capital and relationships to launch an ambitious global mutual fund distribution business.
The two-year-old Internet-based company landed the investment based on completion of a technology platform to allow banks, insurance companies and other financial institutions to jump start worldwide the kind of growth the United States has seen in mutual fund ownership. Founder and CEO William Guilfoyle has targeted France, the U.K. and Asia as testing grounds for the system, recruiting a roster of deep-pocketed and well-connected investors to help build a foothold.
In addition to State Street's $5 …