OpenInvest, a San Francisco, CA-based digital advisor for socially responsible investing, raised $10.4m in Series A funding.
The round was led by QED Investors, with participation from Andreessen Horowitz (who led OpenInvest’s previous venture round in 2017) SYSTEMIQ, Wireframe Ventures, Yard Ventures and Abstract Ventures.
The new funding will enable the company to further accelerate its growth and support its continued technological innovation.
Led by Conor Murray, co-founder and chief executive officer, and Joshua Levin, co-founder and chief strategy officer, OpenInvest provides a platform that delivers customized investment portfolios aligned with an individual’s or institution’s values. Investors can align their assets with their values by customizing their portfolios through cause-based investment screens, including but not limited to: divestment from fossil fuels producers, deforestation, the prison industrial complex or weapons; supporting gender equality, LGBTQ rights, refugees and low-carbon leaders, among many others. They can also further individualize their portfolios by including or excluding individual companies. In the meantime, each user’s portfolio auto-rebalances to keep them tightly tracking market indices.
Clients ranging from only $100 to tens of millions of dollars in assets – and their advisors – use the platform to instantly launch portfolios that reflect particular environmental and social concerns, while tracking any market index or specified investing strategy. They also have access to features such as real-time impact reporting, voting in shareholder resolutions, transparency, tax-loss harvesting and other features.