Acorns, the micro-investment app that sets up a portfolio for you by collecting your spare change, has today announced the close of a $23 million Series C financing, led by Greycroft Ventures and e.Ventures, with participation from Sound Ventures, Garland Capital, and MATH Venture Partners. This brings Acorns’ total amount raised to $32 million. The company, which rounds up to the next dollar on every user transaction and invests it into a customizable portfolio, says that it has grown to 650,000 members with around half of them opening up investment accounts on the platform. Acorns also says that it’s processed over 28 million trades and linked more than a million debit and credit cards to the platform. Acorns claims to be the world’s first mobile investment platform, letting users attach their credit cards, debit cards, etc. and make deposits or withdrawals at will. But the special sauce of Acorns lies in its sticky-handed grab at your spare change. On every transaction made on attached credit or debit cards, Acorns automatically rounds up to the nearest dollar and takes the spare change, placing it into your investment portfolio. Obviously, users can opt out of that, or set up a system to go in daily and choose which transactions should be rounded up. Users also have control over the type of portfolio they choose, with five options ranging from conservative to aggressive.
Acorns, the app that automatically invests your spare change, raises $23 million
Opening and managing an investment account can be intimidating for a lot of people, but what if a simple smartphone app could take care of it all for you? Acorns, a eight-month old smartphone app built for exactly that purpose, said Wednesday that it had raised $23 million in additional funding. Acorns’ app was designed to help people, especially first-time investors, get started in investing with small automated investments into a portfolio of exchange-traded funds, or ETFs, that the company selects and balances. Users link their bank accounts to the app, which then automatically rounds up the cost of all transactions to the nearest dollar, withdraws that spare change and invests it. For example, if you buy a coffee for $2.40, Acorns will take an extra 60 cents and invest it in an exchange-traded fund.
On-Demand Food Delivery Service Sprig Has Raised $45 Million
Sprig, a food delivery service that specializes in healthy on-demand meals in San Francisco, has raised $45 million in a funding round led by Social+Capital and Greylock Partners. The company plans to expand to the remainder of the Bay Area and Chicago in the coming months, and then more cities by the end of 2015. Sprig’s menu is limited, but is supposed to arrive no later than 20 minutes after someone places an order, and usually costs around $10. Sprig prepares all the food in its own kitchen run by several high-profile chefs. Many on-demand services, such as Sprig, have seen intense interest in recent months from the venture capital community. Shyp is raising $50 million at a valuation greater than $250 million. Postmates is expected to raise a large funding round. And Instacart, an app that lets users order groceries and delivers them, raised $210 million in December.
Maven Launches The First Telemedicine Platform Made For Women With $2.2 Million In Seed
Maven, a telemedicine app that caters to the healthcare needs of women, launches out of beta today with $2.2 million in seed funding. Investors include Great Oaks Venture Capital, BoxGroup, F Cubed, and several angels including WordPress founder Matt Mullenweg, former Gilt Groupe and AOL exec Susan Lyne, and Gerson founder Thomas Lehrman. Maven founder Kate Ryder was working as a VC at Index Ventures when she came up with the idea for a digital healthcare app for women. “A lot of my friends started having kids, so I started doing some research. After speaking to many women in their 20’s and 30’s, I found that what was out there didn’t have specific focus on women’s health.”
How Fatherly Plans to Corner the Market on Millennial Dads
For expectant moms, there’s no shortage of places to find advice. The web is crawling with mommy bloggers and parenting sites dedicated to helping women become the best mother they can be. But what about dads? That’s the question Simon Isaacs asked himself when he learned that his wife was pregnant with their first child. Isaacs went online and started checking out parenting sites, but “none one of them spoke to me,” he says. “Everything out there seemed to be pink and purple.”
Countertop Is A Connected Kitchen Gizmo To Simplify Balanced Meal-Making
Meet Countertop: the latest connected kitchen gizmo from Google Ventures-backed Orange Chef which reckons it has found the perfect blend of smart and dumb kitchenware to help consumers prepare healthier meals and quantify the nutritional balance of what they eat. Countertop is going up for pre-order today, costing $99.95, which is half the planned full retail price, with a shipping date of fall 2015. It’s U.S. only for now. The device consists of a smart board that can weigh and track ingredients plus an app that recommends recipes, dispenses step by step meal making instructions and tracks nutritional intake, such as calories.
YC-Backed PicnicHealth Nabs $2M Seed To Build Out A Virtual Healthcare Records Platform
PicnicHealth launched out of Y Combinator last summer with a service that promised to help chronically ill patients gather all their records from all their doctors and put them in one easy-to-access online profile. The startup has now raised $2 million in seed funding to build that service out and hire more team members. The funding comes from a slew of VC firms and angel investors, including Social+Captial, Great Oaks, Slow Ventures, YC partner Paul Buchheit, Scott Marlette, Sam Lessin, Joe Greenstein, Rashmi Sinha, Jameson Hsu, Kenny Van Zant, Rishi Kacker, Ramji Srinivasan, Eric Evans and Stanford’s StartX Fund.
Hinge, the Dating App for Educated People, Has Arrived in Sydney
If you have swiped left on every potential partner in Sydney, Hinge might be the new dating app you are looking for. The app, launched in the U.S. in February 2013, is targeted at a classier audience and uses your Facebook connections and an algorithm to connect you with the right kind of people. Founder and CEO of Hinge Justin McLeod told Mashable the app was started in Washington D.C. using a bunch of his friends, before it spread across most major U.S. cities. Hinge is currently used in 34 cities in the U.S., with the latest launches in the London, Toronto, Mumbai and Sydney.
Alcohol Startups Are Brewing Up VC Cash
A new startup movement brewing in the booze biz has VCs backing liquor delivery services, robotic bartenders, and smartphone breathalyzers — and they’re showing no sign of turning off the tap. Last year, startups in the alcohol industry raised $100 million in funding across 43 venture rounds. This is petty cash compared to the $800 million raised by food startups in 2015 (Delivery Hero’s $586 million round alone far exceeds the total venture money invested in alcohol startups), but a handful of investors are convinced that the alcohol industry warrants its own tech brands. And they’re testing the waters with some early stage capital.
Splash And Loverly Partner To Give Brides Wedding Websites
Brides in this day and age are asking for a lot. Social media tools and event tech have come a long way, giving wedding planners and brides more control over the entire experience of their wedding, from planning to booking vendors to informing guests of the wedding’s Instagram hashtag. But today, Splash and Loverly are partnering to take that experience to a new level, introducing wedding websites. As it stands now, Loverly provides a commerce platform for brides (inspired by the Pinterest layout) that lets brides filter content by color, category, etc. and get things settled for the big day. Splash, on the other hand, has spent the past few years offering free
Collective Health raises $38 million to scale its insurance platform
Classkick Raises $1.7 Million To Tackle The Student Achievement Gap