Grifin, a revolutionary investment app that streamlines the investing process by automatically purchasing stocks in brands where users frequently shop, recently announced a successful $11 million Series A funding round. This latest financing brings the total amount raised to approximately $22 million, showcasing the company’s strong growth trajectory.
In conjunction with this funding news, Grifin disclosed that it has surpassed the milestone of 500,000 registered users, indicating a significant resonance with its innovative investment approach. Additionally, the app boasts over 1 million total downloads and 100,000 monthly active users. While the company did not disclose its valuation, these user metrics highlight the platform’s rapid adoption.
The recent investment and user growth achievements signify key milestones for Grifin, underscoring investor confidence in its disruptive business model. With only 62% of U.S. adults reportedly owning stocks directly, Grifin’s user-friendly platform aims to bridge the gap and make investing more accessible to a broader audience.
The fresh capital injection will primarily be allocated towards expanding the company’s software engineering and UX design teams, as well as enhancing product development. Noteworthy upcoming features include an AI chatbot in development and family plans tailored for parents looking to introduce their young adult children to the world of investing.
Founded in 2017 by Aaron Froug, Bo Starr, and Robin Froug, Grifin initially focused on the “Stock Where You Shop” concept before transitioning to an adaptive investing model in 2024. This model automatically invests $1 from users’ transactions into stocks related to their purchases, simplifying the investment process. Users also have the flexibility to adjust their investment amounts manually, leading to increased engagement and investment activity.
In addition to the automated investing approach, Grifin places a strong emphasis on financial education. The platform offers daily insights into financial literacy to empower users with knowledge and confidence in their investment decisions. As part of its educational initiatives, Grifin is developing an AI chatbot that will summarize articles, provide quick answers to user queries, and offer personalized insights into individual accounts.
The company’s user base, which includes a significant number of women aged between their late 40s and 60s, underscores the importance of educational resources in boosting confidence and participation in investing. Grifin is also considering adding budgeting tools to provide users with insights into their spending habits, catering to younger female users aged 18 to 24.
Family plans, a highly requested feature, will enable users to share their Grifin accounts with family members and introduce investing to younger generations. By allowing parents or grandparents to fund accounts for children or grandchildren, Grifin aims to alleviate financial stress and promote financial literacy across generations.
The recent funding round was led by Nava Ventures, with participation from Alloy Labs, Draper Associates, Gaingels, Nevcaut Ventures, and TTV Capital. Freddie Martignetti, partner at Nava Ventures, has also joined Grifin’s board, bringing valuable expertise and guidance to the company’s leadership team.