- Grifin raised $11 million in Series A funding to grow its investing app that allows users to invest where they shop, bringing its total funding to $20 million.
- The app uses Adaptive Investing to automatically invest $1 per purchase into companies users buy from, helping them build daily investing habits.
- Grifin targets underserved investors, especially women ages 40 to 60.
Approachable investing app Grifin announced that it raised $11 million this week to help users invest where they shop. The Series A funding round, which brings the company’s total raised to $20 million, was led by Nava Ventures with participation from TTV, Draper Associates, Gaingels, Nevcaut Ventures, and Alloy Labs.
Grifin will use today’s funding to hire employees, partner with HR platforms and consumer brands, build family plans, and build out more tools and experiences to add to the app.
“We are thrilled to partner with Grifin in their mission to make investing fit into the daily lives of people across the country,” said Freddie Martignetti, Partner at Nava Ventures. “With more than 178 million uninvested Americans, Grifin has the potential to make a remarkably positive impact by helping their app users lay the foundation for long-term wealth building.”
Martignetti will join Grifin’s Board of Directors.
Grifin was founded in 2017 to make investing fun by allowing shoppers to invest in a portion of the brands they purchase from. The company removes complexity and fear associated with investing by building an investment portfolio based on the consumer’s purchasing habits. Grifin automatically transfers $1 for every transaction the user makes during the week, then invests the funds into their portfolio that is comprised of companies from which the user purchases. Grifin calls this approach Adaptive Investing.
With Adaptive Investing, Grifin creates a dynamic investment portfolio that is uniquely personalized to the user and their everyday habits. As the user’s shopping habits change, Grifin adapts the portfolio. The company also offers users full control on how much and in which companies they invest, allowing them to block companies and manually adjust their investment amount.
“We have always believed that investing should be positive and fun. Where it doesn’t feel like a second job, it simply feels like second nature,” said Grifin CEO and Cofounder Aaron Froug. “Unlike traditional investing, Grifin instills confidence through action and connection. Our goal with Grifin is to build daily investment habits, different mindsets and change the relationship people have with the brands they love. This new funding enables us the fuel to scale a product that’s already proven its power to increase investing habits in a whole new way.”
Grifin is targeting the 86% of Americans that don’t directly own any stock, and says that its primary investor group is women between the ages of 40 and 60. The company has added 500,000 registered users and has seen more than 100,000 new app installs in the last month alone.
Grifin differs from investing companies like Acorns by focusing on emotional connection and brand loyalty rather than rounding up spare change. While Acorns emphasizes passive micro-investing based on leftover change, Grifin actively builds a portfolio based on where users actually shop, which turns consumer behavior into their personalized investment strategy. This approach not only builds financial habits but also helps users feel more connected to their investments, making the process more engaging and meaningful.
