Social network for investing Public.com has closed its Series D funding round on $220m, which brings its valuation to $1.2bn.
The capital injection was supported by Accel, Greycroft, Lakestar, Intuition Capital, Tiger Global, The Chainsmokers’ Mantis VC, Will Smith’s Dreamers VC, Inspired Capital, Aglae Ventures, and YouTube legend Phil DeFranco.
Public.com closed this round hot off the heels of a its $65m Series C round, which it closed in December 2020.
In addition to the funding announcement, Public.com revealed it had reached one million members in its community, coming just 18 months after its launch.
With the capital, Public.com plans to scale its infrastructure to ensure stability with high volumes of users. Capital will also be used to accelerate product development. The FinTech has several upcoming features, including crypto, pre- and post-market trading, ways to set up recurring investments, and other tools to improve education in stocks.
Public.com co-CEO Leif Abraham said, “We started this company with an ambitious mission: to open the stock market to everyone by changing its underlying culture. Today, our members helped us take a big step forward: We are now one million members strong.
“The Public community is about investing in companies, not just trading stocks. We believe that investing is one of the most powerful forcing functions for building financial literacy.”
The New York-headquartered FinTech company is an investing social network where members can own fractional shares of stocks and ETFs, follow popular creators and share ideas with the community.
Rumours of the company’s Series D round had been circulating in the media last week.
With the Series D investment, the FinTech has raised a total of $310m in total equity.
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