GrifinAn investment app that simplifies investments automatically purchasing securities in brands where users buy regularly, announced Wednesday that they have obtained a Serie A financing round $ 11 million, bringing the total amount collected to around $ 22 million.
In addition to the announcement, Grifin also revealed that he had exceeded 500,000 registered users, indicating that his approach to investments resonates with many users. Grifin also states about 1 million total apps of apps and 100,000 monthly active users. The company refused to share its evaluation.
The investment and growth of users mark the important milestones for Grifin, reflecting the trust of investors in the company’s business model and its ability to interrupt traditional investment methods. The stock market can be intimidating for many Americans – only according to reports 62% of US adults possess any supply directly.
The new capital will be invested in the construction of the software engineering teams and UX design of the company, as well as in the development of the product. Remarkable imminent features include a chatbot on which Grifin is working, as well as family plans designed for parents who want to present to the investments of their young adults.
GRIFIN, founded in 2017 by Aaron Froug, Bo Starr and Robin Froug, aims to simplify investments for those who find him intimidating. Initially based on the concept of “Stock where you shop”, the company evolved in 2024 in a Adaptive investment model This automatically invests $ 1 from user transactions in actions relating to their purchases. For example, if a user purchases to Walmart, $ 1 is invested in Walmart actions. Users can also manually adapt their investment amounts. The model proved to be effective, as highlighted by the internal data of Grifin which shows a 234% increase in expenditure in Walmart six months after users have purchased its title.
Another approach adopts Grifin to simplify investments is to provide educational material that offers users daily insights on financial literacy. The company plans to expand its educational offers and develop a chatbot AI capable of summarizing items on the platform and providing quick answers to the user’s questions. The chatbot will also provide insights on the individual accounts, responding to queries as “When did I do this investment?” Or “When did I receive a dividend?”
The launch times are currently unknown, since Grifin wants to make sure that the chatbot provides accurate answers before launch.
“Artificial intelligence can be an extraordinary feature, but sometimes it cannot also give correct things,” he told Techcrunch Froug, which is CEO of Grifin. “So we are only ensuring that we are doting the I and crossing the T before launching something like that.”
Educational offers are particularly important due to Grifin users’ base. Many of its users are women between the late 1940s and 60s, a group that traditionally has less confidence in their investment knowledge. There are also younger users aged between 18 and 24, which could be the reason why Grifin is taking into consideration the addition of budget tools that offer users insights on their expense.
One of the most requested features are family plans, which would allow users to share their grifin account with family members and introduce investments to younger users. Many young generations have been hesitant to invest in the stock market. Although the market has improved in recent months, there are still risks.
“One of the interesting things we want to do with family plans is (allowing) parents or grandparents to help finance the accounts for children or grandchildren, so there is not too much financial stress,” added Froug.
The round was led by Nava Ventures with the participation of laboratories in the League, Draper Associates, Gagingels, Nevcaut Ventures and TTV Capital. In addition to the loan, Freddie Martignetti, partner of Nava Ventures, joined the Gripin Council.
