Grifin, an innovative investment app that reimagines investing by linking it to daily spending, announced an $11 million Series A investment funding round led by Nava Ventures, with participation from TTV, Draper Associates, Gaingels, Nevcaut Ventures, Alloy Labs, etc.
What Grifin does: Grifin is the first investing app that makes investing fun and creates a sense of belonging, allowing people to take ownership in the brands they love. Whether it is grabbing a coffee at Starbucks, buying groceries at Walmart, or streaming a show on Netflix, Grifin makes sure customers own a piece of the brands they buy from the most.
Grifin creates a fully personalized investment portfolio based on an investor’s everyday habits. And Grifin’s technology is fully automated, constantly adapting to the investor’s lifestyle and shopping habits while offering complete control over investment amounts.
Grifin also simplifies the process of investing by automatically purchasing stocks in companies where the investor is already a customer, helping people get started through the life they’re already living. Grifin automatically invests $1 per transaction. For example, if a Grifin user buys something at Walmart, the app transfers $1 from their bank account to their investment account and they buy $1 of Walmart stock. Users can also manually adjust the investment amount to their preferred choice.
Momentum: Over the last year, Grifin has experienced rapid growth, amassing 500k registered users and over 50 million views on social media, with the company seeing more than 100,000 new app installs in the last month alone. And the majority of Grifin investors are women between the ages of 40 and 60, a traditionally under-invested group. And Grifin’s data shows people spend more on their favorite brands, when they have ownership in them. For example, six months after buying Walmart stock, Grifin users spend 234% more at Walmart.
So far, Grifin has raised over $20 million. The company will use this new capital to expand its team, partner with HR platforms and consumer brands, build family plans that allow kids to start investing early, and expand Grifin’s offerings with the kinds of tools and experiences its users are requesting.
New board member: With this funding round, Freddie Martignetti, Partner at Nava Ventures, will join Grifin’s Board of Directors.
KEY QUOTES:
“We are thrilled to partner with Grifin in their mission to make investing fit into the daily lives of people across the country. With more than 178 million uninvested Americans, Grifin has the potential to make a remarkably positive impact by helping their app users lay the foundation for long-term wealth building.”
Freddie Martignetti, Partner at Nava Ventures
“We have always believed that investing should be positive and fun. Where it doesn’t feel like a second job, it simply feels like second nature. Unlike traditional investing, Grifin instills confidence through action and connection. Our goal with Grifin is to build daily investment habits, different mindsets and change the relationship people have with the brands they love. This new funding enables us the fuel to scale a product that’s already proven its power to increase investing habits in a whole new way.”
Aaron Froug, CEO and Co-Founder of Grifin
“Grifin has reimagined what investing can feel like. We are building not just a platform, but a new relationship between people and the brands they support.”
Bo Starr, Co-Founder and Co-CEO at Griffin
