Stash, an investment app for millennials, has secured $3 million in seed funding. Goodwater Capital led the round with participation from other investors that included Valar Ventures and Entrée Capital.
NEW YORK — Feb. 9, 2016 — Stash, the fast-growing investment app for millennials, announced today that it has raised $3M in seed funding to continue the company’s growth. The round was led by Silicon Valley-based Goodwater Capital, which specializes in early-stage consumer technology companies. Two leading fintech investors also participated in the round: New York-based Valar Ventures, and London-based Entrée Capital; as did previous investors in the company.
Stash is one of the new breed of fintech services transforming the way millennials manage, save and grow their money. This additional funding will support the continued growth and development of the app, including new product features and expansion to the Android platform.
“We’re empowering millennials and new investors to choose where to invest their money, and sharing helpful resources and guidance along the way,” said David Ronick, CEO and co-founder, Stash. “Our goal is to break down the barriers that prevent nearly three quarters of millennials from investing. The support from Goodwater, Valar and Entree will help us reach even more of those new investors and continue to grow our service.”
Stash helps people start investing with as little as $5, gain investing confidence gradually, and build smart financial habits for the long-term. With Stash, you can choose investments from over 30 Exchange Traded Funds (ETFs) or stocks based on your interests, beliefs and goals, and you can purchase fractional shares to start investing gradually. Investments are described in ways that make them easy to understand, such as “Internet Titans,” (online tech giants), and “Clean and Green” (renewable energy companies). Stash doesn’t charge commissions for buying or selling investments and has a transparent monthly subscription fee of $1 per month for accounts under $5,000, with the first three months free; and 0.25 percent a year for balances over $5,000.
Some of the most popular investment themes Stashers have chosen include Roll with Buffett (NASDAQ: BRK.B), which allows you to invest in Berkshire Hathaway; Delicious Dividends (NASDAQ: SCHD), which invests in companies with a 10-year history of paying dividends; and Defending America (NASDAQ: ITA), which offers exposure to aerospace and defense manufacturers.
“We believe deeply in the Stash mission to bring long-term investing tools and knowledge to millennials”, said Chi-Hua Chien, Co-Founder and Managing Partner of Goodwater Capital. “By lowering the minimum level of investment, enabling millennials to invest in broad themes that they care about, and guiding them along the path toward building smart lifelong investment habits, Stash has the potential to empower an entire generation to reach their financial goals.”
Stash is the fast-growing investment app for millennials. People can choose where to invest their money, starting with as little as $5, and receive ongoing guidance from the Stash Advisor. Based in New York City, Stash was started in February 2015 by serial entrepreneur David Ronick and Wall Street veterans Brandon Krieg and Ed Robinson. Stash is a Registered Investment Advisor. For more information, visit StashInvest.com.
About Goodwater Capital
Goodwater Capital is a next generation venture capital firm. Founded by Chi-Hua Chien and Eric J. Kim, Goodwater’s mission is to empower exceptional entrepreneurs who are changing the world. For more information about Goodwater Capital, visit:http://www.goodwatercap.com.
About Valar Ventures
Valar is a New York-based venture firm founded by Andrew McCormack, James Fitzgerald and Peter Thiel. Valar’s core thesis is that an increasing number of transformative technology companies are being started outside of Silicon Valley and the United States, and that the founders of those companies benefit from having a US partner that understands their unique challenges and opportunities and can help them achieve optimal growth. For more information about Valar Ventures, visit: http://www.valar.com/
About Entrée Capital
Entrée Capital is a London-based venture firm that provides multi-stage funding for innovative start-ups and companies all over the world. For more information about Entree Capital, visit http://www.entreecap.com/