Acorns (finance)

Acorns (finance)

Acorns is an Irvine, California-based micro-investing company allowing users to round up consumer purchases and invest the change.

Acorns is a company that provides micro-investment services through its mobile and web application. Acorns was founded in 2012 by Jeff Cruttenden, Mark Dru, and Walter Cruttenden. Acorns aims to increase accessibility to several investment options that are previously only available for purchase with a large sum of money. The company is based in Irvine, California.

Services

Acorns has three main services: Acorns Core, Acorns Later, and Acorns Spend. Acorns Core provides users with the ability to invest their spare change, as little as $5, into a portfolio of exchange-traded funds (ETFs). Acorns Later lets users make recurring investments for their individual retirement account (IRA). Unlike the first two, Acorns Spend focuses on allowing users to spend money by opening up a checking account in Acorns and using their issued debit cards.

Funding

Since its founding year, Acorns has managed to raise $207 million in capital through 8 funding rounds. The company’s most recent round was a Series E, collecting $105 million in January 2019. Acorns has received financing from 24 investors, with nine of them as lead investors. Past investors for Acorns have included Bain Capital Ventures, Comcast Ventures, NBCUniversal, TPG, and DST Global.

Timeline

January 2019

Acorns raises a $105,000,000 series E round from BlackRock, DST Global, Comcast Ventures, NBCUniversal, DST, MSD Capital, Bain Capital Ventures and The Rise Fund.

July 20, 2017

Acorns raises a $35,000,000 series D round from E.ventures, Sound Ventures, Bain Capital Ventures, Greycroft, PayPal Ventures and Nyca Partners.

April 21, 2016

Acorns raises a $35,000,000 series D round from E.ventures, Point72 Ventures, Thirty Five Ventures, Greycroft, Capital Group, PayPal Ventures and Sound Ventures.

February 15, 2015

Acorns raises a $23,000,000 series C round from E.ventures, Great Oaks Venture Capital, Greycroft, Thomas H. Lee Partners, Liberty Media and Sound Ventures.

March 2014

Acorns raises a $5,500,000 series B round from Jacobs Asset Management.

October 1, 2013

Acorns raises a $2,500,000 series A round from Steelpoint Capital Partners.

June 1, 2012

Acorns raises a $300,000 seed round from Cruttenden Partners.

February 29, 2012

Acorns was founded by Jason Martell, Jeff Cruttenden, Mark Dru and Walter Cruttenden.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Acorns funding round, January 2019
Series E round
105,000,000
January 2019
NBCUniversal
Comcast Ventures
DST
MSD Capital
BlackRock
Bain Capital Ventures
Comcast Ventures
NBCUniversal
Bain Capital Ventures
BlackRock
The Rise Fund
DST Global
MSD Capital
Acorns funding round, April 2016
Series D round
35,000,000
April 21, 2016
Greycroft
E.ventures
Sound Ventures
Point72 Ventures
Capital Group
PayPal Ventures
Thirty Five Ventures
Acorns funding round, January 2018
January 2018
The Rise Fund
Acorns funding round, February 2015
Series C round
23,000,000
February 15, 2015
Liberty Media
Thomas H. Lee Partners
Greycroft
E.ventures
Sound Ventures
Great Oaks Venture Capital
Acorns funding round, December 2019
Venture round
December 1, 2019
Acorns funding round, June 2012
Seed round
300,000
June 1, 2012
Cruttenden Partners
Acorns funding round, August 2019
Venture round
August 19, 2019
BDMI
Acorns funding round, July 2017
Series D round
35,000,000
July 20, 2017
Bain Capital Ventures
Greycroft
E.ventures
Sound Ventures
Nyca Partners
PayPal Ventures
Acorns funding round, October 2013
Series A round
2,500,000
October 1, 2013
Steelpoint Capital Partners
Acorns Series B round March 2014
Series B round
5,500,000
March 2014
Jacobs Asset Management
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People

Name
Role
LinkedIn

Aubrey Johnson

Employee

Chris Smothers

Employee

Dan Adams

Chief Compliance Officer

David Keegan

Employee

Hugh Tamassia

Chief Technology Officer

Jeff Sippel

Chief Strategy Officer

Jeffrey Cruttenden

Founder

Jennifer Barrett

Chief Education Officer

Jeremy Stephan

Investor

Jessica Schaefer

Chief Communications Officer

Jike Chong

Chief Data Scientist

Jonathan Keidan

Investor

Luke Tubergen

Investor

Manning Field

Chief Operating Officer

Miguel Mota

Employee

Noah Kerner

Chief Executive Officer

Owen Van Natta

Investor

Sami Khan

Employee

Sanford Ewing

Advisor

Stephen Cho

Employee

Tom Arrix

Investor

Tom Ferry

Investor

Walter Cruttenden

Founder

Further reading

Title
Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Christopher Competiello
November 19, 2019
Business Insider
Jennifer Barrett, chief education officer at Acorns, advocates for a systematized and disciplined approach to saving and investing.
MATH Venture Partners
April 30, 2019
www.prnewswire.com:443
CHICAGO, April 30, 2019 /PRNewswire/ -- MATH Venture Partners (MATH), a Chicago-based early stage venture capital firm, announced the closing of a new $46...

References

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