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GriffinAn investment application that simplifies investment by automatically purchasing stocks in brands where users buy regularly, announced on Wednesday that it had obtained a financing series of $ 11 million, which brings 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 investment approach resonates with many users. Grifin also claims approximately 1 million total application downloads and 100,000 monthly active users. The company refused to share its evaluation.
The investment and growth of users mark important steps for Grifin, reflecting the confidence of investors in the business model of the company and its ability to disrupt traditional investment methods. The stock market can be intimidating for many Americans – 62% of American adults Have actions directly.
The new capital will be invested in the creation of the company’s software engineering teams and UX design, as well as in the development of products. The upcoming notable features include an AI chatbot on which Grifin works, as well as family plans designed for parents who wish to inform their young adults to invest.
Grifin, founded in 2017 by Aaron Froug, BO Starr and Robin Froug, aims to simplify the investment for those who find it intimidating. Initially based on the concept of “stock where you shop”, the company evolved in 2024 to a Adaptive investment model which automatically invests $ 1 of user transactions in equity related to their purchases. For example, if a user is being purchased from Walmart, $ 1 is invested in Walmart Stock. Users can also manually adjust their investment amounts. The model turned out to be successful, as evidenced by the internal data from Grifin showing a 234% increase in expenses in Walmart six months after the users bought its stock.
Another approach adopts that Grifine adopts to simplify investment is to provide educational material that offers users daily information on financial literacy. The company plans to extend its educational offers and develop an AI chatbot which can summarize articles on the platform and provide quick answers to user questions. The chatbot will also provide an overview of individual accounts, by responding to requests such as “When did I make this investment?” Or “When did I receive a dividend?”
The time of deployment is currently unknown, because Grifin wants to make sure that the chatbot provides specific answers before its launch.
“AI can be an incredible feature, but it can also sometimes not give the right things,” said Froug, who is the CEO of Grifin, in Techcrunch. “So we make sure that we sprinkle the I and cross the T before launching something like that.”
Educational offers are particularly important due to the basis of Grifine users. Many of its users are women between the late 1940s and 60s, a group that has traditionally been less confident in their investment knowledge. There are also younger women aged 18 to 24, which could be the reason why Grifin plans to add budgeting tools that give users an overview of their expenses.
One of the most requested features is family plans, which would allow users to share their Grifin accounts with family members and present the investment to young users. Many younger generations have hesitated to invest in the stock market. Although the market has improved in recent months, there is still risks involved.
“One of the interesting things we want to do with family plans is also [allow] Parents or grandparents to help finance accounts for children or grandchildren, so there is not too much financial stress, ”added Froug.
La Ronde was led by Nava Ventures with participation of Alloy Labs, Draper Associates, Gaingels, Nevcaut Ventures and TTV Capital. In addition to funding, Freddie Martignetti, partner of Nava Ventures, joined the Board of Directors of Grifin.
