Capitalize, a New York-based independent platform to transfer retirement assets, closed a $2M seed funding round.
The round was led by Bling Capital, with participation from Greycroft, RRE Ventures and Walkabout Ventures.
The new funding will allow the company to build out its retirement platform capabilities and hire additional team members focused on operations, product, and engineering.
Founded by CEO Gaurav Sharma and CTO Chris Phillips, Capitalize guides users through an online process to offer a streamlined alternative to the historically complicated, manual process of rolling over retirement accounts – for free. The platform instantly locates former 401k accounts, matches users to individual retirement accounts at leading financial institutions, and initiates rollovers on their behalf.
The platform also supports employers by helping them lower fees paid to administer their 401k plan, reduce exposure to potential ERISA lawsuits, and free up HR time otherwise spent communicating with former employees.