EarlyBird raises $4.5M, partially from its users, to scale its investment gifting platform for families
Summary
EarlyBird, an app that lets families and friends gift investments to children, has raised $4.5 million in a seed extension round that was partially funded by its user base. We sent out a feeler email to our user base and it was by far the most engagement weve ever seen on a survey like that.The startup then opened up the allocation, which was filled within the first 48 hours. For instance, every time you invest, you can create a video memory that contextualizes the investment.What we ended up seeing over the last couple of years is that parents started to use this as a way to catalog all these special moments with their child, Wexler said. In the future, EarlyBird wants to be able to create multiple customized portfolios so that a parent can pick and choose stocks and do so with their child as they grow up. In addition, the startup is starting to explore ways to bring a college savings 529 plan into the EarlyBird experience.The startup is currently focused on the 0 to 7-year-old demographic, but EarlyBird plans to provide services for the entire lifecycle journey from 0 to 18+.We want to build a dedicated experience for a teen to be able to take ownership so that at 18 we become their primary brokerage account, and we take over the likes of any other larger financial institutions because weve been their trusted financial solution from day one, Wexler said.
Funding
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