Onward, a platform that helps co-parents track and manage shares expenses for their children, has raised $9.7m.
According to TechCrunch, the round was led by Atlanta-based TTV Capital to advance its mission. Lerer Hippeau, Citi Ventures, Correlation Ventures and Gingerbread Capital also participated in the financing.
The Los Angeles-based startup previously raised $3m in seed funding in March of 2021.
The daughter of divorced parents, Jacklyn Rome founded Onward in 2020 with the aim of helping divorced and separated parents more easily manage their shared expenses.
Rome, who previously led new product launches at Uber and Blue Apron, said she built the app with the intent of not only alleviating headaches for the parents but also helping reduce family tension overall.
Many parents have informal child support agreements, and these often don’t cover expenses beyond the basics. Onward believes this leads to tensions surrounding finances, even in amicable cases.
Since its last funding round, Onward has launched a number of new features, including the ability to pay your co-parent through the platform, partial payments and the ability to track other expenses not related to children, such as shared mortgages or telephone bills.
Rome said, “There are 50 million co-parents in the United States, and they represent a massive, massive market that hasn’t yet been served.” As to why, Rome speculated that “it might be considered a little bit less sexy of a market, or those who have been through it tend to be less likely to found a company.”
Mark Johnson, partner at TTV Capital, which doubled down on its investment in the company, added, “Jacklyn and her team have truly listened to the co-parents who are using the app — and have gone above and beyond in rolling out new improvements and features based on their needs. We’re proud to support Onward as they scale to help even more co-parents easily navigate their unique financial situations.”
Swedish expense management company Findity has raised SEK 50m ($4.9m) as it bolsters its international expansion efforts.
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