Total amount raised
$1.9 Billion
Latest funding date
3/1/2022
Location
Acorns has successfully raised funding over 13 rounds, with the latest being a Series F round involving 27 investors. The platform is backed by 56 investors, including Khaira Capital, Forecast Labs, and TPG.
Keep reading to explore the intricacies of Acorns' fundraising journey and the investors backing this innovative platform.
What Is Acorns?
Acorns is a financial technology company based in Irvine, California, specializing in automated investments and robo-advice. The company operates in the finance, financial services, fintech, and wealth management industries.
Founded by a team of innovators, Acorns has grown to employ between 501 and 1000 people. The platform offers a variety of investment and savings products, including brokerage accounts, IRA accounts, and high-yield checking and savings accounts.
Acorns emphasizes ease of use and automation, providing educational resources and family-oriented financial tools to help users manage and grow their money.
How Much Funding Has Acorns Raised?
- Series B
- Amount Raised: USD 6,160,000
- Date: March 2014
- Lead Investors: Jacobs Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's user base and enhance its automated investment services.
- Series C
- Amount Raised: USD 23,000,000
- Date: February 2015
- Lead Investors: Greycroft, Headline
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop new financial products and expand market reach.
- Series D
- Amount Raised: USD 35,000,000
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and increase customer acquisition.
- Series D
- Amount Raised: USD 50,000
- Date: July 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund operational costs and minor product enhancements.
- Series D
- Amount Raised: USD 35,000,000
- Date: July 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and improve technological infrastructure.
- Series E
- Amount Raised: USD 105,000,000
- Date: January 2019
- Lead Investors: Comcast Ventures, NBCUniversal
- Valuation at Round: USD 860,000,000
- Motivation Behind the Round: To facilitate a partnership with CNBC and expand product offerings.
- Series F
- Amount Raised: USD 300,000,000
- Date: March 2022
- Lead Investors: TPG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance user experience through new features.
Total Amount Raised: USD 504,210,000. Current Valuation: Not publicly disclosed.
Key Investors
- TPG
- Details: TPG is a global alternative asset firm with a diverse portfolio. They were a lead investor in Acorns' Series F funding round.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Airbnb, Uber, Spotify.
- Comcast Ventures
- Details: Comcast Ventures is the venture capital affiliate of Comcast Corporation. They participated in Acorns' Series E funding round.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: FanDuel, Houzz, Nextdoor.
- NBCUniversal
- Details: NBCUniversal is a media and entertainment company. They are the largest single investor in Acorns and have a seat on the board of directors.
- Investment Focus Areas: Media, entertainment.
- Notable Investments: Various media companies and digital platforms.
- BlackRock
- Details: BlackRock is a global investment management corporation. They participated in Acorns' Series E funding round.
- Investment Focus Areas: Broad range of asset management.
- Notable Investments: Investments across various asset classes globally.
- Bain Capital Ventures
- Details: Bain Capital Ventures is the venture capital division of Bain Capital. They participated in Acorns' Series E funding round.
- Investment Focus Areas: Technology, innovation.
- Notable Investments: LinkedIn, DocuSign, Jet.com.
What's Next for Acorns?
Acorns is poised for significant growth, leveraging its partnership with CNBC to enhance financial literacy and attract more users. With over 4.5 million customers and $1.2 billion in assets under management, the company is well-positioned to expand its offerings, including Acorns Later and Acorns Spend.
Future fundraising opportunities appear promising, given the successful Series E round and high-profile investors like NBCUniversal and Comcast Ventures. This financial backing could enable Acorns to further innovate and capture a larger market share.
However, challenges such as competition from other fintech companies and regulatory compliance could pose hurdles. Maintaining user growth and engagement will be crucial as Acorns navigates these obstacles.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Acorns and gather other critical business insights. Sign up for free to start enhancing your sales strategies today.
