What is blooom?
Founded in 2013 by Chris Costello, Blooom (often stylized as "blooom") emerged as a digital platform designed to simplify and optimize retirement savings. The company specializes in managing participant accounts within IRAs and employer-sponsored plans like 401(k)s, 403(b)s, and the Thrift Savings Plan (TSP). By providing personalized investment advice and management, Blooom aims to help individuals navigate the complexities of retirement planning, ensuring their assets are aligned with their long-term financial goals. As of January 2021, the firm reported managing approximately $5 billion in assets, highlighting its substantial growth and market penetration in the competitive wealth management landscape.
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, DST Systems, Commerce Ventures, UMB, and Hyde Park Venture Partners
Series B (2016): $9.1M led by TTV Capital, Nationwide Ventures, UMB, Industry Ventures, and QED Investors
Key Investors in blooom
TTV Capital
TTV Capital is a venture capital firm that invests in fintech businesses, leveraging extensive experience in the financial services sector to support growth and innovation.
Nationwide Ventures
Nationwide Ventures, part of the diversified insurance and financial services giant Nationwide, invests in companies that align with its broad financial services ecosystem.
QED Investors
QED Investors is a leading boutique venture capital firm focused on disruptive financial services companies, known for its hands-on approach and deep operational expertise.
What's next for blooom?
With a history of substantial capital raises, including a Series B round in October 2016 and a Series A in September 2015, Blooom is positioned for continued scaling. The recent major strategic investment signals strong confidence from its backers in the company's business model and future prospects. This financing is likely to be deployed towards enhancing its technology platform, expanding its customer acquisition efforts, and potentially exploring new service verticals within the retirement and investment advisory space. The company's focus on a critical, often underserved, segment of the financial market suggests a trajectory aimed at capturing a larger share of the retirement planning market.
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