Just eight months after closing on a $15 million Series B, stock trading startup Public has raised another $65 million. The Series C was led by existing investor Accel, with participation from Greycroft and Advancit Capital.
In a nutshell, Public is a social network for people who want to invest in the stock market. Users can own partial shares of stocks and ETFs, follow popular investors and creators, and share ideas with each other. The goal is to make the stock market a more inclusive place, focusing more on education and community than competition.
“Our mission to change the culture of investing with a new generation of investors who value collaboration over competition,” co-CEO Leif Abraham said in a statement. “By building the social network on investing, we’re giving people a place to share ideas and discover new ways of thinking in the same place they invest.”
Public says this investment is a sign of a “culture shift” when it comes to investing, claiming more people than ever are seeking new ways to learn about and experience the stock market. In fact, the company says its own community of investors has grown 10x since its 2019 launch.
Indeed, similar startups like M1 Finance raised $33 million in the summer and then another $45 million five months later, ultimately reaching $1 billion in customer assets. San Francisco fintech giant Robinhood raised nearly a $1 billion in VC funding this year alone.
And these companies are turning heads outside of Wall Street. Some of Public’s previous investors include actor Will Smith and model Iskra Lawrence. Professional skateboarder Tony Hawk participated in this latest round too.
“The stock market has historically been an intimidating place reserved for a lucky few,” Hawk said in a statement. “As technology continues to disrupt barriers, Public.com is creating a platform that makes investing accessible to everyone; while providing a place where they can share ideas and build their confidence as they build their portfolios.”
Now, Public plans to use this fresh funding to continue developing its platform. The company also plans to grow its team, listing dozens of open tech positions at its NYC headquarters and offices in North Carolina and Copenhagen.
