Stockpile, a Palo Alto, Calif.-based brokerage for millennials that offers fractional share stock investing, raised $30m in Series B funding.
The round, which brings the total raised by Stockpile to more than $45m, was led by Fidelity backed Eight Roads Ventures, with participation from Mayfield, Arbor Ventures, Hanna Ventures, Wang Ventures, and others. In conjunction with the funding, David Milstein of Eight Roads, joined Stockpile’s board.
The company intends to use the funds to expand adoption of its offering and expand the features.
Led by Avi Lele, founder and CEO, Stockpile allows customers to download the iPhone or Android app or visit stockpile.com to open a free account for themselves or anyone in their family, including children under 18. They can buy individual stocks or ETFs at 99 cents a trade, set up an automatic investment plan, track their investments, learn about stock investing through free mini-lessons, or help others get started by purchasing e-gifts or physical gift cards redeemable for stock.
Two-thirds of Stockpile’s customers are under the age of 35.