The Mutual Fund Store has taken a round of venture financing. The ten-year-old advisory firm will use the funds to build its business. It currently operates in 30 locations across the country and is headquartered in Overland Park, Kansas and Palo Alto, California.

Summit Partners provided the latest round of funding. The amount of the round, which was described as a minority stake, was not disclosed.

The Mutual Fund Store currently claims more than $1.7 billion dollars under advisement for retail clients. All of those funds are managed on a fee basis and are invested in mutual funds.

Adam Bold, founder and chief investment officer of The Mutual Fund Store, said that Summit Partners' investment will allow the advisor to finance its growth objectives and add board level guidance as well as industry contacts.

Harrison B. Miller, a general partner with Summit Partners pointed to the advisors independent, fee-based advice model as a reason why the investment was attractive. He also cited the company's platform, brand and investment methodology used across its affiliated offices.

Miller will take a seat on the advisor's board of directors. 

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