A German platform where users save and invest money towards their long term goals has brought on some funding of its own this week.
Vaamo announced yesterday it closed a $3.2 million (€2.5 million) Seed round. The investment was led by Route 66 Ventures, the same firm that furnished U.S.-based D3 Banking with $7 million last week. The remaining funds have come from business angels.
This round comes a year after its angel round of $635,000 (€500,000), which brings vaamo’s total funding to $3.8 million (€3 million).
According to vaamo co-founders Thomas Bloch, and Oliver Vins, the funding will be used to hire more talent, specifically for marketing, customer service, and engineering. It will also be used to bolster marketing efforts to improve customer acquisition.
Vaamo is opening to the public today after spending about four months in private beta. It currently has 250 customers saving real money on its goals-based platform. It is limited to German residents only, but vaamo has not excluded the possibility of expanding its usage across borders.