Micruity Inc., a San Francisco, CA-based platform that powers annuities inside 401(k) plans, closed $5.1M in seed financing.
The round was led by SixThirty Ventures, joined by strategic investors Allianz Life Insurance Company of North America (Allianz Life), Franklin Templeton, Pacific Life, Western & Southern Financial Group, Alpine Meridian Ventures, Great North Ventures, and Altari Ventures. Joel Brightfield from SixThirty Ventures will join the newly formed Board of Directors, alongside long-time FinTech entrepreneur Rob Foregger, and Trevor Gary, Founder and CEO of Micruity.
The company intends to use the funds to expand its platform.
Led by Gary and Chris Livadas, CTO Micruity Micruity provides a platform that powers annuities inside 401(k) plans, turning retirement savings into protected retirement income. The company simplifies access to Annuities and other guaranteed retirement income products through a secure single point of service, connecting plan sponsors and plan members with asset managers, insurers, and record keepers to facilitate the data sharing needed to power these products at scale.
For the past two years, Micruity has been working closely with industry leaders as part of a paid proof-of-concept program. Several of those participants have joined this funding round, including Allianz Life, Pacific Life, and Franklin Templeton.
FinSMEs
10/02/2022