What is blooom?
Blooom, often stylized as "blooom", was founded in 2013 by Chris Costello, who currently serves as chief executive officer. The company distinguished itself by offering services to manage individual participant accounts within IRAs and employer-sponsored retirement plans, such as 401(k)s, 403(b)s, and the TSP. By January 2021, Blooom had grown to manage $5 billion in assets, demonstrating its capacity to scale and attract a substantial client base seeking expert management of their retirement savings. The company's approach aimed to provide clarity and strategic guidance for individuals navigating complex retirement investment landscapes.
How much funding has blooom raised?
blooom has raised a total of $13.1M across 2 funding rounds:
Series A
$4M
Series B
$9.1M
Series A (2015): $4M with participation from QED Investors, Commerce Ventures, Hyde Park Venture Partners, UMB, and DST Systems
Series B (2016): $9.1M led by Industry Ventures, TTV Capital, QED Investors, Nationwide Ventures, and UMB
Key Investors in blooom
QED Investors
QED Investors is a venture capital firm specializing in early-stage, disruptive financial services companies. Their hands-on approach and deep operational experience support companies in achieving breakthrough growth.
Commerce Ventures
Commerce Ventures invests in companies building the infrastructure for future industries in retail and financial services, focusing on sectors like retail tech, payment tech, and banking tech.
Industry Ventures
Industry Ventures provides flexible capital solutions across the venture investing lifecycle, partnering with companies from early-stage through later-stage growth.
What's next for blooom?
The substantial enterprise-level backing Blooom has received, culminating in a major strategic investment, positions the company for accelerated growth and market expansion. This level of financing typically signals a phase of scaling operations, enhancing technological infrastructure, and potentially broadening service offerings to capture a larger share of the retirement management market. Future strategic moves may include further product development, strategic partnerships within the financial services ecosystem, and increased marketing efforts to solidify its position as a leader in digital retirement advisory services.
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