Sweater, which claims to be creating the first fully-managed venture capital fund for retail investors, has raised $12m in its seed funding round.
Motivate VC and Akuna Capital led the round, with commitments also coming from Acorns co-founder Jeffrey Cruttenden, Betterment co-founder Eli Broverman, Liquidity, MRTNZ Ventures, Bison Venture Partners, Spacestation, First Chair Ventures, Zilliqa Capital, Monsen Ventures, Nick Perez, Jeb Bush Jr., Ryan Holtzman and Aaron Wolko.
The round was also backed by high-profile YouTube content creators, including Peter Hollens, Andrei Jikh and Nate O’Brien.
This funding will help Sweater scale its operations and hire more staff to its investment team and marketing division.
Sweater is aimed at boosting generational wealth creation through venture investing. It hopes to empower retail investors to take part in venture capital. The company is targeting the $10trn industry of retail investors and currently has over 50,000 people on its waitlist.
Sweater CEO Jesse Randall said, “The retail investor revolution is unfolding before our eyes, as investors continue to take further control over their investing futures, and fintech companies like Sweater are opening access to previously exclusive asset classes,”
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