Propel, a Brooklyn, NY-based developer of software to help food stamp recipients manage their benefits, raises $4M in seed funding.
Backers included Andreessen Horowitz, Omidyar Network, Kevin Durant’s The Durant Company, Max Levchin’s SciFi VC, Jay Borenstein, WinWin, and the Financial Solutions Lab at the Center for Financial Services Innovation.
The company is using the funds to continue to scale operations. It is hiring.
Led by Jimmy Chen, CEO, Ram Mehta, CTO, and Jeff Kaiser, COO Propel provides a free app, called Fresh EBT, which allows EBT cardholders to manage their benefits, plan their shopping trips, save money on groceries, and connect to other essential resources. Fresh EBT users spend over $1 billion each year on groceries, and the company has leveraged their combined purchasing power into partnerships with grocery retailers and brands to offer them savings and help them maximize their benefit.