What is Propel?
Propel is at the forefront of deploying world-class software solutions to address poverty in the United States. Its flagship product, the free smartphone app Fresh EBT, empowers over a million families monthly to manage government benefits, such as SNAP (food stamps), and improve their financial well-being. An independent study by Harvard Business School validated the app's impact, demonstrating that Fresh EBT prevented one day of extreme hunger per month for its users. Founded by Silicon Valley technologists, Propel's mission is to make the nation's social safety net more accessible and user-friendly through innovative technology.
How much funding has Propel raised?
Propel has raised a total of $66.8M across 3 funding rounds:
Angel/Seed
$4M
Series A
$12.8M
Series B
$50M
Angel/Seed (2017): $4M with participation from Omidyar Network, Andreesen Horowitz, and SciFi VC
Series A (2018): $12.8M led by Nyca Partners, Omidyar Network, Kleiner Perkins Caufield & Byers, and Andreessen Horowitz
Series B (2022): $50M supported by Andreessen Horowitz, Salesforce Ventures, JPMorgan Chase, and Nyca Partners
Key Investors in Propel
Andreessen Horowitz
Andreessen Horowitz is a prominent venture capital firm known for investing in both early-stage and growth-stage technology companies, providing capital and strategic guidance.
Omidyar Network
Omidyar Network is a global organization focused on shaping the digital revolution to promote shared power, prosperity, and possibility, investing in innovative solutions across various sectors.
Nyca Partners
Nyca Partners is a venture capital firm specializing in fintech, providing seed to Series B investments and offering hands-on support and network access to its portfolio companies.
What's next for Propel?
With the recent infusion of major strategic capital, Propel is poised for accelerated expansion and further development of its impactful technology. The company's consistent ability to attract substantial investment from prominent financial institutions and venture capital firms signals strong market confidence in its mission and business model. This latest funding is expected to fuel enhancements to the Fresh EBT platform, broaden its user base, and potentially explore new avenues for financial empowerment tools, solidifying its position as a leader in the social impact technology sector.
See full Propel company page
