Bumped, a stock market and ownership mobile app, has closed its Series A on $14.1m.
The round was led by Canaan, which supplied $11.7m of the capital, other contributions came from existing backers Peninsula Ventures, Commerce Ventures, and Oregon Venture Partners.
Oregon-based Bumped tracks spending with participating traded companies and gives the customer a percentage of their purchase back as a fractional share of stock. Its app works by a consumer linking their debit or credit card and then using the card at partner brands, once a deal is complete they will receive shares of the company without any extra fees involved.
The app is currently being tested by friends and family but the company is looking to scale and will start to invite people from the waitlist to try the beta.
This capital injection will the company is looking to grow its engineering and brand sales teams, to help improve customer experiences.
In a blog post, Bumped founder and CEO David Nelsen said, ?I founded Bumped on my belief that everyone deserves to be an owner. That everyone can participate in??and hopefully benefit from??the stock market and ownership. Bumped helps make that happen by giving customers fractional shares of stock for spending with the brands they love.p>
As part of the transaction, Canaan general partner Dan Ciporin will join Bumped board of directors. Ciporin has been an investor and support in startups including Shopping.com, and Lending Club, as well as running MasterCard global debit program.
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