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Grifin, the investment app that makes investing less intimidating by automatically purchasing stocks in brands where users regularly shop, recently announced securing an $11 million Series A funding round. This brings their total amount raised to approximately $22 million.
User Growth and Milestones
With over 500,000 registered users and around 1 million app downloads, Grifin has shown that its approach to investing resonates with a large audience. The company also boasts 100,000 monthly active users. This growth reflects investors’ confidence in Grifin’s business model and its potential to disrupt traditional investment methods.
Investing Made Easy
Founded in 2017, Grifin aims to simplify investing for those who find it daunting. Their adaptive investing model automatically invests $1 from users’ transactions into stocks related to their purchases. This approach has proven successful, with a 234% increase in spending at Walmart six months after users bought its stock.
Future Developments
The new funding will be used to enhance software engineering, UX design teams, and product development. Upcoming features include an AI chatbot and family plans designed to introduce young adults to investing. Grifin also provides educational material on financial literacy to further aid users in understanding investing.
Exciting Partnerships
The Series A round was led by Nava Ventures with participation from Alloy Labs, Draper Associates, Gaingels, Nevcaut Ventures, and TTV Capital. Freddie Martignetti, partner at Nava Ventures, has joined Grifin’s board.
With a focus on empowering users to take control of their financial future, Grifin continues to innovate in the world of investing, making it accessible and approachable for all.
