ImpactAlpha, July 26 – The socially responsible auto-investment advisor raised its Series A round led by QED Investors. Andreessen Horowitz, which backed OpenInvest’s previous funding round also participated, along with SYSTEMIQ, Wireframe Ventures, Yard Ventures and Abstract Ventures.
OpenInvest launched in 2015 to offer everyday investors an opportunity to build a positive financial footprint. For $3,000, anyone can open an investment account and allocate their investments across a variety of stock portfolio themes, which positively screen companies around topics like refugee treatment and opportunity, human trafficking, LGBTQ rights, low-carbon and others. It was an early mover in a growing retail impact investing space, that includes other automated and/or low-cost online advisors like Swell, Motif, and a new company, Newday Investing, that plans to set investment minimums as low as $5.
“Socially responsible investing is one of the fastest-growing segments of equities management,”QED’s Greg Mazanec said in a statement. “Early on, OpenInvest recognized the need for an efficient way to personalize investments around values.”