The life insurance company last year helped launch Swell, an impact platform for everyday investors and retirement savings plans.
The $30 million capital infusion is meant to help Swell grow its product line and attract more customers, currently numbering 3,000. The company manages $16 million in assets.
Swell will use $15 million of the new funding to expand its equity and fixed-income products, launch a mobile app, and build out its impact assessment tool. “People want to make an impact, but they’re not really sure what that means when they invest,” Swell’s CEO Dave Fanger told ImpactAlpha.
As an example, Fanger said Swell wants to better explain how carbon emission reductions translate to money saved, and planetary and local impact.
Swell recently changed its legal structure to allow it to bring on outside investors.
