Penelope, a NYC-based of a self-service retirement platform for small and micro businesses, raised $2.1m in pre-seed funding.
The round was led by Slauson & Co. Additional investors include Amplify LA, Black Jays and executives from Wells Fargo, Citigroup and US Bank.
The company will use the funding to create the platform for small and micro businesses, expand the team and accelerate customer onboarding.
Through a subscription model, Penelope’s technology platform for micro and small businesses to automate employee investing, streamlines cost and paperwork, provides practical savings tools for employees, and offers the choice of Pooled Employer Plans (PEP), traditional 401(k)s and Solo 401(k)s. With Penelope, small businesses can adhere to state regulations requiring companies with more than five employees to offer qualified retirement plans.
The company is led by Jean Smart, CEO and Founder.