Basic Capital, a 401(k) platform that helps workers achieve retirement goals, has closed a $25 million Series A funding round led by Forerunner and Lux Capital. Existing investors SV Angel, Box Group, and financial leader Henry Kravis participated, along with new investors HOF Capital and Inspired Capital.
As the only 401(k) platform that allows participants to finance assets and access alternative investments, Basic Capital aims to use this funding to expand its offerings for employers and employees. The company will also enhance its team and promote the adoption of its 401(k) solution and individual IRA plans to serve more retirement savers.
KEY QUOTES:
“The engine of 401(k)s has not been significantly upgraded in 40 years. This new investment into Basic Capital, alongside policy changes emerging from Washington, D.C., represents a huge win for American workers as retirement plans get brought into the 21st century.”
Abdul Al-Asaad, Founder and CEO of Basic Capital
“American innovation has generated extraordinary financial prosperity. But historically, federal regulation has prevented millions of American workers from accessing opportunities to build wealth. The Basic Capital team has developed a novel solution to help everyday Americans finance investment, rather than consumption.”
Peter Hebert, Co-Founder & Partner, Lux Capital
