EarlyBird, which enables parents and guardians to establish custodial investment accounts for children, has closed its funding round on $2.4m as it prepares for its launch.
Network Ventures served as the lead investor, with contributions also coming from Chingona Ventures, Bridge Investments, Kairos Angels, Takoma Ventures and Subconscious Ventures. A number of unnamed angel investors also contributed to the round.
The funding comes ahead of EarliyBird’s public launch for its mobile app, which aims to help families and friends collectively invest in the future of kids. The app will launch for iOS devices in December.
Capital from the investment will also be used to build the team and help the FinTech onboard the first few thousand parents, families and friends to its platform.
US-based EarlyBird enables families to set up a custodial investment account for their children, which friends and family members can contribute to. When making a contribution, they are encouraged to record a video memory which will add an emotional touch to their gifts.
EarlyBird CEO and co-founder Jordan Wexler said, “The origin story of EarlyBird is a personal one. It started when my first niece was born, and I found myself showering her with toys and clothes, only to see her outgrow them in a few weeks.
“I was determined to give something more meaningful and lasting. In the spirit of the financial lessons and wisdom my father endowed on me as a child, I wanted to do the same for her. As I looked at options to invest in her financial future they all felt clunky, impersonal, or too transactional considering the lasting impact a gift like this would have on her life. At that moment, I knew there was a problem that needed to be solved.”
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