Online Investment Platform Propel(x) Raises $5.5 Million

By Dan Anderson ● Jul 21, 2020
  • Propel(x) — an online investment platform that helps investors source, evaluate, and fund pioneering science and technology startups — announced it raised over $5.5 million

Propel(x) — an online investment platform that helps investors source, evaluate, and fund pioneering science and technology startups — announced it closed a new round of financing in Q1 2020, which was just above $5.5 million including convertible notes. The investors in this round include Franklin Templeton, FreeS Venture Capital. Sky Saga Capital, ZhenFund, MIT Alumni Angels of Northern California, and several other family offices and individual angels.

The proceeds from the investment will be used to build new features on the Propel(x) platform to help investors make informed investment decisions as well as to grow operations and expand marketing.

Propel(x) was founded by MIT classmates CEO Swati Chaturvedi and Lisheng Wang. And Propel(x) is known for introducing its users to groundbreaking startups that are commercializing all kinds of deep technologies, including new forms of clean energy, life-saving drugs, new methods of space exploration, and innovative new materials. By facilitating private funding for companies based on scientific and technology breakthroughs, Propel(x) also seeks to build the next generation of great companies.

KEY QUOTES:

“We are very pleased with the support from investors and their belief in the Propel(x) mission. Private markets will become more accessible and transparent due to our platform, as we make early investment in technology startups available to ordinary accredited investors worldwide. As companies stay private longer, more people want to participate in a company’s early investment rounds and Propel(x) provides that opportunity for a wide spectrum of investors.”

— Swati Chaturvedi, CEO of Propel(x)

“We invest in companies and technologies that we believe are poised to deliver significant economic or strategic benefits. Propel(x) has built a platform that we believe holds great potential.”

— Joe Boerio, Chief Risk & Transformational Officer at Franklin Templeton