User Can Secure $11 Million Funding to Assist Shoppers in Investing during Purchases
Grifin, a revolutionary financial technology platform, has announced that it has secured $11 million in Series A funding, bringing its total funding to $20 million. This investment will enable the company to scale its product and continue its mission to make investing more accessible and personalized for users.
Founded in 2017, Grifin differentiates itself from traditional investing companies like Acorns by focusing on emotional connection and brand loyalty rather than rounding up spare change. The app, Grifin, uses Adaptive Investing to automatically invest $1 per purchase into companies users buy from, creating a dynamic, personalized investment portfolio based on their shopping habits.
Grifin's unique approach not only builds financial habits but also helps users feel more connected to their investments, making the process more engaging and meaningful. The app's primary target is the 86% of Americans who don't directly own stock, with a focus on women ages 40 to 60.
The funding round was led by Nava Ventures and participated by TTV, Draper Associates, Gaingels, Nevcaut Ventures, and Alloy Labs. Freddie Martignetti, Partner at Nava Ventures, will join Grifin's Board of Directors.
With the new funding, Grifin plans to hire employees, partner with HR platforms and consumer brands, build family plans, and develop more tools for the app. The company has already seen significant growth, adding 500,000 registered users and over 100,000 new app installs in the last month.
Grifin targets underserved investors, especially women ages 40 to 60, and allows users to have full control over how much and in which companies they invest, including the option to block companies. The app's features include adaptive portfolio management that evolves with the user’s risk tolerance and financial goals, automated rebalancing to maintain optimal asset allocation, and educational content to help users understand investing.
Grifin's approach is a departure from traditional robo-advisors, offering customization and a more user-centric approach. It aims to make investing more accessible and engaging for a wider audience, particularly millennials and Gen Z investors who prefer digital and automated financial services.
As Grifin continues to grow and evolve, it is poised to revolutionize the investment landscape, making it more accessible, personalized, and engaging for users.
Grifin's Series A funding of $11 million, led by Nava Ventures, will be utilized to hire employees and develop more tools for the app, thereby expanding its technology-driven, personalized investing platform to a wider audience, including millennials and Gen Z investors. As Grifin continues to scale its product, it will aim to bridge the gap in the finance industry by providing easy access to investing for the 86% of Americans who don't directly own stock, with a focus on women ages 40 to 60.
