NY-based Public.com, the investing social network raised US$ 220 million in Series D funding on 18 February 2021. Two months back the company had raised US$ 65 million in Series C. Public.com is valued at US$ 1.2 billion.
Investors: Accel, Greycroft, Lakestar, Intuition Capital, Tiger Global, The Chainsmokers’ Mantis VC, Will Smith’s Dreamers VC, Inspired Capital, Aglae Ventures, and YouTube legend Phil DeFranco.
Purpose of the funding: The funds will be utilized to scale its infrastructure to ensure that the platform is stable and reliable. The company will also accelerate its product bringing news features like crypto, pre-and post-market trading, setting up recurring investments among others.
Founded in 2018 by Jannick Malling, Matt Kennedy, Peter Quinn and Sean Hendelman, Public.com is an investing social network where members can own fractional shares of stocks and ETFs, follow popular creators and share ideas with the investor community. It aims to make the stock market an inclusive and educational place, helping investors to build their confidence.
Public claims that its community reached 1 million members just eighteen months after its launch. The platform helps the next generation of investors to navigate the market in a responsible way. Its features like the Long-Term Portfolio helps members understand the differences between long- and short-term investing strategies and the built-in Safety Labels informs about potentially risky investments.
Public.com is headquartered in New York and has a number of well-known investors including Will Smith’s Dreamers VC, business professor and entrepreneur Scott Galloway, Tony Hawk, The Chainsmokers’ Mantis VC, GIRLBOSS author Sophia Amoruso, Accel, Greycroft, Lakestar, Adobe Chief Product Officer Scott Belsky and YouTube legend Phil DeFranco to name a few.
What the CEO has to say: “We started this company with an ambitious mission: to open the stock market to everyone by changing its underlying culture. Today, our members helped us take a big step forward: We are now one million members strong. The Public community is about investing in companies, not just trading stocks. We believe that investing is one of the most powerful forcing functions for building financial literacy.” — Leif Abraham, co-CEO of Public.
“We’re seeing a steady acceleration of interest in the stock market, with topics previously isolated to Wall Street entering the cultural zeitgeist in ways never seen before. This movement has sparked curiosity among millions of people who, for the first time, are looking to learn more and participate themselves.” — Jannick Malling, co-CEO and co-founder of Public.
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