LOS ANGELES, Oct. 27 — Onward, a co-parenting financial platform, said today that it has secured USD 9.7 million in Series A investment led by TTV Capital, with participation from Lerer Hippeau, Citi Ventures, Correlation Ventures, and Gingerbread Capital.
The financing comes on the heels of the company’s remarkable growth since it is the first fintech software to meet the requirements of divorced and separated parents. With approximately 100,000 installations, Onward has garnered substantial traction among people seeking respite from the uncomfortable, confusing, and sometimes unorganized methods of handling money with their co-parents. The additional financing will be used to expand the team and its portfolio of innovative fintech solutions.
Onward’s purpose is to improve co-parents’ lives and create better households for the next generation. Today, over 50 million co-parents in the United States rely on sloppy text messages and emailed spreadsheets to keep track of shared costs for their children, which frequently leads to unneeded squabbles. Most of these co-parents do not have a child support agreement, which means that every price is negotiable. Even if they have a child support arrangement, child support does not cover medical costs, extracurricular activities, and other expenses, so they wind up communicating with their co-parent numerous times each month.
Onward’s CEO and creator, Jacklyn Adele Rome, stated:
“Even in the most harmonious couples, money is the leading source of disagreements between co-parents. We are witnessing my parents’ divorce when I was 14 provided me a firsthand knowledge of the problems parents and their children encounter regarding challenging financial talks. We’re thrilled and pleased to have the continued support of our investors as we work to fulfill a big and unmet need for millions of co-parents throughout the country. We’re motivated to keep developing solutions that make their lives easier while making a societal effect by allowing them to be better parents to the next generation.”
More about the startup:
Following periods directing breakthrough new product launches at Uber and Blue Apron, CEO and serial entrepreneur Jacklyn Rome established Onward in 2020. Jacklyn established the firm while working as an Entrepreneur in Residence at Co-Created, a New York-based startup studio, with help and investment from Citi Ventures.
Onward is a financial software meant to make it easier for co-parents to handle joint resources for their children. The software alleviates a significant pain point for co-parents who mainly exchange text messages or spreadsheets to manage costs for their children, pets, and other shared expenses. Co-parents may use Onward to simplify the frequently difficult conversation around shared funds, allowing them and their families to thrive. Onward’s headquarters are in Los Angeles, California.
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