What is Propel?
Propel is dedicated to making the nation's social safety net more accessible and user-friendly through advanced software solutions. Founded by experienced Silicon Valley technologists, the company's flagship product, Fresh EBT, is a free smartphone application designed to empower families receiving government benefits, such as SNAP (food stamps). Fresh EBT enables over a million families monthly to manage their benefits effectively and improve their overall financial well-being. An independent study by Harvard Business School validated the app's impact, indicating that Fresh EBT successfully prevented one day of extreme hunger per month for its users. This demonstrates Propel's tangible success in deploying world-class software to address critical societal needs.
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 SciFi VC, Omidyar Network, and Andreesen Horowitz
Series A (2018): $12.8M led by Kleiner Perkins Caufield & Byers, Andreessen Horowitz, Nyca Partners, and Omidyar Network
Series B (2022): $50M supported by Andreessen Horowitz, Nyca Partners, Salesforce Ventures, and JPMorgan Chase
Key Investors in Propel
Andreessen Horowitz
Andreessen Horowitz is a prominent venture capital firm known for investing in both early-stage startups and established growth companies, with a focus on technology.
Nyca Partners
Nyca Partners specializes in connecting financial institutions with startup founders, managing significant assets and supporting a broad portfolio of companies with thematic investment strategies.
Kleiner Perkins Caufield & Byers
Kleiner Perkins is a venture capital firm that invests in early and growth-stage technology and life science companies, providing capital and operational support from seed through IPO.
What's next for Propel?
With the recent major strategic investment, Propel is poised for accelerated growth and enhanced impact. The substantial capital infusion, part of its $66.8M in total funding, will likely be directed towards expanding the Fresh EBT user base, further developing its feature set to support financial health, and potentially exploring new benefit programs or demographic segments. The company's trajectory, marked by consistent backing from prominent investors, suggests a strategic focus on solidifying its position as a leader in fintech solutions for underserved populations. Propel's commitment to using technology to fight poverty positions it for continued innovation and market leadership in the social impact technology sector.
See full Propel company page
