GrinAn investment app that simplifies investment automatically buying shares in brands, where users are regularly shopping, announced on Wednesday that it has reached $ 11 million, bringing the total amount raised to about $ 22 million.
In addition to the announcement, Grifin also revealed that it exceeded 500,000 registered users, indicating that its access to investing resonates with many users. Grifin also claims about 1 million total downloads of applications and 100,000 monthly active users. The company refused to share its assessment.
The investment and user growth marks major milestones for Grifin, reflecting the confidence of investors in the company’s business model and its ability to prevent traditional investment methods. The bag can be intimidated for many Americans – reportedly only 62% of American adults owns any shares directly.
The new capital will be invested in building the company’s software engineering and UX projection equipment, as well as product development. Notable upcoming functions include AI chat that Grifin works, as well as family plans designed for parents who want to introduce their young adult children to investment.
Grifin, founded in 2017 by Aaron Froug, Bo Starr, and Robin Froug, aim to simplify investment for those who find it intimidated. Initially based on the concept of “stock where you shop”, the company evolved in 2024 to an Adaptive investment model This automatically invests $ 1 of users’ transactions into shares related to their purchases. For example, if user stores at Walmart, $ 1 is invested in Walmart. Users can also manually adjust their investment sums. The model proved successful, as demonstrated by Grifin’s internal data showing a 234% increase in spending at Walmart six months after users purchased their share.
Another approach that Grin takes to simplify investment is providing educational material that offers users daily insights into financial literacy. The company plans to expand its educational offers and develop AI talks, which can summarize articles on the platform and give quick answers to user questions. The chat will also give insights into single accounts, answering questions like “When did I make this investment?” Or “When did I get a dividend?”
The timing of the rolling is currently unknown, as Grin wants to make sure that the chat delivers accurate answers before its launch.
“AI can be a wonderful feature, but it may also sometimes not give the right things,” Froug, who is Grifin’s general manager, told Techcrunch. “So we just make sure we dot the I and cross the T -ks before we launch something like that.”
The educational offers are particularly important because of Grifin’s user base. Many of its users are women between their late 40s and 60 years, a group that traditionally has less confidence in their investment knowledge. There are also younger women -users aged 18 to 24 years old, which might be why Grin is considering adding budget tools that give users insights into their expense.
One of the most requested functions is family plans, which would allow users to share their Griffin accounts with family members and introduce investment to younger users. Many younger generations hesitated to invest in the bag. Although the market has improved in recent months, there are risks.
“One of the excellent things we also want to do with family plans [allow] Parents or grandparents to help fund the accounts for children or grandchildren, so there is not too much financial stress, “Froug added.
The circle was led by Nava Ventures with participation from Alloy Labs, Draper Associates, Gaingels, Nevcaut Ventures and TTV Capital. In addition to the funding, Freddie Martignetti, a partner at Nava Ventures, joined the board of Grifin.
