Investing Social Network Reaches One Million Members
Public.com, the investing social network, today announced that it has raised $220 million in Series D funding from existing investors Accel, Greycroft, and Lakestar, as well as Intuition Capital, Tiger Global, The Chainsmokers’ Mantis VC, Will Smith’s Dreamers VC, Inspired Capital, Aglae Ventures, and YouTube legend Phil DeFranco. This comes two months after the company’s $65 million Series C fundraise, bringing the total funding to date to $310 million and raising the company’s valuation to $1.2 billion.
Public also announced its community reached one million members, eighteen months after launching. On Public, investors from various backgrounds and walks of life collaborate and build financial literacy together—making investing more inclusive, educational, and human.
"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," said Public.com co-CEO Leif Abraham. "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."
With this funding, Public will scale its infrastructure to ensure the platform is stable and reliable as the community rapidly grows. The funding will also help the company accelerate its product. Upcoming features will include crypto, pre- and post-market trading, ways to set up recurring investments, and other features that will support members’ commitment to learning and growing their knowledge of the stock market.
"We’re seeing a steady acceleration of interest in the stock market, with topics previously isolated to Wall Street entering the cultural zeitgeist in ways never seen before," said Public.com co-CEO and co-founder Jannick Malling. "This movement has sparked curiosity among millions of people who, for the first time, are looking to learn more and participate themselves."
Public’s slate of features helps the next generation of investors navigate the market in a responsible way. In 2020, the company introduced features like Long-Term Portfolio to help members understand the differences between long- and short-term investing strategies, and built-in Safety Labels on potentially risky investments. Public does not encourage day-trading and doesn’t offer complex trading instruments like options or margin accounts at this time. Most recently, on Feb. 1, Public announced its decision to eliminate Payment for Order Flow (PFOF) from its business model to better align the company’s incentives with those of its members.
Public.com is the investing social network where members can own fractional shares of stocks and ETFs, follow popular creators, and share ideas within a community of investors. Public makes the stock market an inclusive and educational place, with social features that make it easy to collaborate as you build your confidence as an investor.
The company is headquartered in New York and has raised $310 million to date from investors including Accel, Greycroft, Lakestar, Will Smith’s Dreamers VC, business professor and entrepreneur Scott Galloway, Tony Hawk, The Chainsmokers’ Mantis VC, GIRLBOSS author Sophia Amoruso, Adobe Chief Product Officer Scott Belsky, business executive Dick Parsons, Advancit Capital, Blavity Inc. CEO and Founder Morgan DeBaun, Worklife VC, Intuition Capital, Tiger Global, Inspired Capital, Aglae Ventures, and YouTube legend Phil DeFranco.
Public is a member of FINRA and SIPC. Visit Public.com to download the free app for iOS or Android.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210217005317/en/
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