Bumped, which aims to transform everyday spending of consumers into stock ownership, has netted $14.4m in its Series A.
Canaan served as the lead investor to the round, contributing $11.7m of the total capital. The remaining capital was supplied by Peninsula Ventures, Commerce Ventures, and Oregon Venture Partners.
Capital from this round will be used to hire more staff to its engineering and brand sales teams.
Bumped is a mobile app that empowers consumers to turn everyday spending into free stock ownership. It does this by giving businesses the tools to reward their customers in fractional shares of stock.
It works by the app tracking spending at participating publicly traded companies, at giving customers a percentage of their purchases back in stock.
The Bumped app is being tested by friends and family, but it will soon be opening the beta to those on the waitlist.
As part of the deal, Canaan partner Dan Ciporin will join the company’s board of directors.
In a blog post, Bumped founder 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.”
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