Aboon, a next-generation AI-powered platform that streamlines how financial advisors launch and manage 401(k) plans for business owners, has raised $17.5 million in seed funding. The round was led by Bain Capital Ventures with participation from Altai Ventures, Runyon, Edward Jones Ventures, Outpost Ventures, and EJF Ventures.
The U.S. faces a growing retirement savings crisis. According to a 2024 Bankrate survey, 57% of American adults worry they are behind on their retirement savings, while the U.S. Treasury projects Social Security could run out by 2034.
Although recent legislation like SECURE 2.0 and state-level mandates aim to address this, nearly 43% of U.S. businesses with fewer than 100 employees still do not offer a retirement plan, according to Pew Research. Aboon’s founders saw this as both a social and technological gap — one that modern tools and AI could fill.
Aboon’s platform acts as a digital third-party administration (TPA) solution, allowing advisors to design, launch, and manage 401(k) plans in minutes rather than weeks. By combining AI automation, intuitive digital workflows, and real-time expert guidance, the platform dramatically reduces the administrative friction that has long plagued retirement plan setup and management. Advisors using Aboon report faster onboarding, clearer pricing, and higher client satisfaction due to its instant proposal generation, automated compliance checks, and real-time visibility into plan performance.
Since its founding in 2023, Aboon has rapidly scaled by partnering with tens of thousands of advisors, including through national advisory firms such as Edward Jones. The company also works with leading recordkeepers like Capital Group, Empower, and Manulife John Hancock, positioning it at the center of a new digital infrastructure for retirement planning.
How the funding will be used: With the new funding, Aboon plans to expand its product capabilities, enhance automation features, and deepen integrations with more financial advisory firms across the country.
KEY QUOTES:
“We built Aboon because we saw how hard it was for advisors to offer retirement plans, and how many businesses were left behind as a result. Aboon was built on a belief that every American worker deserves a path to retirement, and the best way to get there is through the trusted advisor network that already supports business owners. We are changing the game for financial advisors by putting the tools they need in their hands.”
— Nick Gavronsky, Chief Executive Officer and Co-Founder, Aboon
“Aboon is solving a huge pain point in an underserved but critical industry. We believe the next generation of retirement infrastructure will be advisor-led, tech-enabled, and powered by AI. Aboon has built the right product at exactly the right moment, delivering a modern operating system for advisors to bring retirement plans to market with unprecedented speed, clarity and scale.”
— Matt Harris, Partner, Bain Capital Ventures
“Edward Jones is investing in and supporting the development of technologies and solutions that solve client and industry needs. We know most people begin investing for their retirement through the workplace, and we want to make it easier for business owners and their employees to feel confident on their path to financial fulfillment.”
— Greg Robinson, Principal, Edward Jones
