Rocket Dollar, an Austin-based retirement startup, has raised $8 million in Series A funding to expand its self-directed retirement platform.
The Series A funding round was led by Park West Asset Management with participation from investors such as Hyphen Capital, Moneta Venture Capital, Kraken Ventures, Primetime Partner, and Sure Ventures. Founder and Managing Partner at Hyphen Capital Dave Lu referred to the reasoning behind the firm’s participation by stating:
“In recent years, we have seen an explosion of interest in alternatives as individuals see how much wealth is created from private investments. Henry and his team are uniquely qualified and well-positioned to revolutionize how investors leverage self-directed accounts for alternative investments, having helped thousands of individuals unlock the potential of their IRA funds to accelerate wealth accumulation.”
Rocket Dollar aims to provide its users with a flexible and fast alternative investment platform that helps them leverage their investments beyond stocks, bonds, and mutual funds. By doing this, the startup believes customers can secure their financial future while resting assured that their data is stored securely. Henry Yoshida, CEO and Co-Founder of Rocket Dollar, said about the startup’s mission:
“Modern investors expect ease, trust, and convenience when it comes to managing their investment portfolio. After studying this industry for years, we have applied new technology to a paper-driven complex industry that instantly makes investing in alternatives accessible and affordable. This gives control back to clients and opens a wider range of asset classes to savvy investors, without the need for expensive service providers.”
Over the past year, the retirement startup has achieved record growth with over $350 million in customer assets and plans to tap $12.6 trillion in IRAs for investment. Rocket Dollar is now focusing on boosting this growth by using the new funding to boost its development of new products, improve customer experience, implement more advanced cybersecurity infrastructure, and expand its knowledge base to educate its users on how to use the platform to secure a comfortable retirement.
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