Backer Raises $8.4M in Funding

Backer

CollegeBacker, a San Francisco, CA-based social savings platform, rebranded to Backer, and raised $8.4m in funding.

The round was led by Crosslink Capital with participation from Rally Ventures, Correlation Ventures, Expansion Ventures, SoFi co-founder Dan Macklin, Patreon co-founder Sam Yam, veteran fintech investor Tom Blaisdell, Reach Capital, Ulu Ventures, Great Oaks Venture Capital, and several universities (Princeton, Dartmouth, and USC). In conjunction with the funding, Jim Feuille, early investor and board member at Chime, Pandora, and Personal Capital, joined the Backer board.

Led by founder and CEO Jordan Lee, Backer is a social savings platform that brought digital investment advice to 529 plans. The company has already enabled its clients to save $20 million for college, with 40% of the money coming from family and friends.

FinSMEs

28/04/2021