EarlyBird, a mobile investing app for children and their families, has raised $4 million in seed funding today. Alexis Ohanian’s Seven Seven Six led the round, which featured strategic participation from Gemini’s Frontier Fund, Network Ventures, Rarebreed Ventures, and other angel and VC investors. The company will use the capital to continue building its solution, add to its engineering, product, marketing, and operations teams, and introduce new features – including the ability for users to invest and gift assets other than stocks and ETFs, such as cryptocurrencies.
The investment takes the company’s total funding to more than $7 million, having secured funding previously in November and January of last year.
Using a collaborative approach to next-generation wealth building, EarlyBird enables parents to set up an investment account, select from a number of diversified portfolio options, and begin making investments on behalf of their child. The platform also empowers members of a child’s extended network of family, friends, and others to contribute to the account (“gifted capital” EarlyBird calls it). Whether celebrating birthdays, holidays, or other occasions, these contributions are not only unique gift options, they also help young people begin to learn about the importance of investing and building wealth over time. The technology also has a feature that enables contributors to add a video or photo commemorating the gift.
“EarlyBird started with the vision to create an accessible way for all families to begin building wealth for their children, and to do so with the support, love, and contributions of their broader communities,” EarlyBird co-founder and CEO Jordan Wexler said. “Since our launch, we’ve seen incredible growth, adoption, and excitement from families with a wide range of financial knowledge and backgrounds. Seven Seven Six and all of our new partners recognize the importance of financial access and approachability in investing, and we’re thrilled to have them on board as we continue to take flight.”
Headquartered in Chicago, Illinois, and founded in 2019, EarlyBird recently announced a partnership with Benjamin Talks, a youth-oriented financial education platform launched by co-founders Nikki Boulukos and Carissa Jordan last fall. The collaboration will bring Benjamin Talks content to EarlyBird’s newsletter series “The Weekend Worm” which offers stock market news in an approachable way that parents can share with their children. This spring, EarlyBird introduced its Gifts for Good program. Starting this April, EarlyBird selected up to three “extraordinary kids between the ages of 3 and 12 years old to support and invest in.” With an eye toward young people showing achievement in areas such as music and the arts, athletics, academics, and “special acts of kindness,” EarlyBird will provide a gift investment of $250 to each child selected to seed their investment accounts.
“Investing tools are only available to families with investing knowledge and experience building generational wealth,” EarlyBird COO Caleb Frankel said in a statement accompanying today’s investment news. “We have a bold vision to make investing available for everybody. We are driving wealth creation not within the system of today, but for the world of tomorrow.”
Be sure to check out our interview with Jordan Wexler from earlier this year.
Photo by Radovan Zierik from Pexels
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Source: https://finovate.com/youth-investing-app-earlybird-raises-4-million-in-new-funding/
