Total amount raised
$1.9 Billion
Latest funding date
3/1/2022
Location
Acorns has successfully raised significant capital through multiple funding rounds, attracting a diverse group of investors. The platform offers a range of financial services, including automated investments and retirement accounts.
Continue reading to delve into the details of Acorns' funding journey and discover the key investors supporting this innovative financial technology company.
What Is Acorns?
Acorns, founded in 2012, is a financial technology company based in Irvine, California. The company was established by Jason Martell, Jeff Cruttenden, Mark Dru, and Walter Cruttenden.
Acorns specializes in automated investments, allowing users to round up purchases and invest the spare change into diversified portfolios. The platform also offers retirement accounts, banking services, and educational resources.
With a workforce of between 501 and 1000 employees, Acorns continues to grow and innovate in the financial technology sector.
How Much Funding Has Acorns Raised?
- Series B
- Amount Raised: $6.2M
- Date: March 2014
- Lead Investors: Jacobs Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and reach more users.
- Series C
- Amount Raised: $23M
- Date: February 2015
- Lead Investors: Greycroft, Headline
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series D
- Amount Raised: $35M
- Date: April 2016
- Lead Investors: PayPal Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and development of new financial products.
- Funding Round
- Amount Raised: $50K
- Date: July 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To cover operational costs and minor expansions.
- Series D
- Amount Raised: $35M
- Date: July 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the user base and enhance technology.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: The Rise Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic growth initiatives.
- Series C
- Amount Raised: Not publicly disclosed
- Date: May 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the platform and introduce new features.
- Series E
- Amount Raised: $105M
- Date: January 2019
- Lead Investors: Comcast Ventures, NBCUniversal
- Valuation at Round: $860M
- Motivation Behind the Round: To facilitate a partnership with CNBC and expand product offerings.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: August 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and development.
- Series F
- Amount Raised: $300M
- Date: March 2022
- Lead Investors: TPG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand market reach.
Total Amount Raised: $504.25M. Current Valuation: Not publicly disclosed.
Key Investors
- TPG
- Details: TPG is a global alternative asset firm with a diverse set of investment platforms. It manages over $100 billion in assets across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Airbnb, Uber, Spotify.
- Comcast Ventures
- Details: Comcast Ventures is the venture capital affiliate of Comcast Corporation. It invests in innovative companies across various stages of growth.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: FanDuel, Vox Media, Nextdoor.
- BlackRock
- Details: BlackRock is a global investment management corporation, known for its extensive range of financial products and services. It manages trillions of dollars in assets worldwide.
- Investment Focus Areas: Asset management, ETFs, mutual funds.
- Notable Investments: Various global investments across multiple asset classes.
- NBCUniversal
- Details: NBCUniversal is a major media and entertainment company, part of Comcast Corporation. It operates a vast portfolio of news and entertainment networks.
- Investment Focus Areas: Media, entertainment, technology.
- Notable Investments: Hulu, BuzzFeed.
- PayPal Ventures
- Details: PayPal Ventures is the venture capital arm of PayPal, focusing on strategic investments in fintech and commerce. It aims to support innovative companies that align with PayPal's mission.
- Investment Focus Areas: Fintech, commerce, digital payments.
- Notable Investments: Toss, Tala, PPRO.
What's Next for Acorns?
Acorns is poised to capitalize on its recent partnership with CNBC, which aims to enhance financial literacy through engaging content. This collaboration, along with the expansion of products like Acorns Later and Acorns Spend, presents significant growth opportunities. With a customer base of 4.5 million and $1.2 billion in assets under management, the potential for further market penetration is substantial.
Future fundraising efforts are likely to attract more investors, given the company's impressive valuation and strategic partnerships. However, Acorns will need to navigate challenges such as increasing competition and regulatory hurdles. Maintaining customer trust and data security will be crucial as the company scales its operations.
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