• FOUNDING YEAR: 2012
    LOCATION:
    United States
    REGION:
    California
    Last Update:
    14 Feb, 2020

Description

FOCUS

PRODUCTS & SERVICES:
The automated portfolio management feature in Acorns’ app was designed to help people, especially first-time investors, get started with investing with small automated investments into a portfolio of ETFs.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Retail investors
COMMENT
Acorns has opened 850,000 investment accounts, 75% of which belong to millennials.

PEOPLE

FOUNDERS:
Jeff Cruttenden, Mark Dru, Walter Cruttenden
Board Members and Advisors:
Harry Markowitz, Jonathan Keidan, Oskar Mielczarek de la Miel
NUMBER OF EMPLOYEES:
201-500
INVESTORS:
E.ventures, Great Oaks Venture Capital, Garland Capital Group, Jacobs Asset Management, Greycroft Partners, Math Venture Partners, Sound Ventures, Groundswell Investments, Cruttenden Partners, PayPal, Rakuten Fintech Fund, Steelpoint Capital Partners, Point72 Ventures, Jonathan Keidan, The Rise Fund, Steelpoint Capital Partner, Cruttenden Partners, Comcast Ventures, NBCUniversal, Bain Capital Ventures, BlackRock, TPG’s Rise Fund, DST, and Michael Dell’s MSD Capital.
KEY EMPLOYEES:
Walter Cruttenden (CEO); Jeff Sippel (CTO); Sean Dignan(CCO); Noah Kerner (CEO)

TRACTION

VALUATION / MARKET CAP:
$860 MM in 2019
VALUATION COMMENT
In the latest funding round, the company's valuation is at $860 million. (Jan. 2019)
ACTIVE USERS:
4.5 Million in 2019
COMMENT:
Currently, the company is managing more over $1.2 billion assets and has crossed 4.5 million users. The company's "Acorns Later” service helps to bring more than 350,000 investors to the platform. It has also invested $40 million to date. (Jan. 2019)

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$206.96 Millions
DATE OF LAST FUNDING:
Aug 2019
SEED & PRIOR FUNDING:
$300 K
SEED CLOSED ON:
Jun 2012
FUNDING SERIES:
SERIES A
$2.5 Millions Closed: Oct 2013
SERIES B
$6.16 Millions Closed: Mar 2014
SERIES C
$23 Millions Closed: Feb 2015
SERIES D
$70 Millions Closed: Jul 2017
SERIES E
$105 Million Closed: Jan 2019
Secondary Market
heqvvsnbbaeymtfw oaba Closed: Oct 2018
LISTED:
NO
COMMENT:
An undisclosed strategic investment was received in January 2018.

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