Sweater Closes New $12M Funding to Fuel the Venture Capital Revolution

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Sweater – the venture capital fund for everyone

Sweater – the venture capital fund for everyone

BOULDER, Colo., Feb. 24 2022 (GLOBE NEWSWIRE) — Sweater, a fintech company creating the first fully managed venture capital fund open to everyday investors, has closed a monumental $12 million seed round. The round was co-led by Motivate VC and Akuna Capital, with participation from Jeffrey Cruttenden (co-founder of Acorns), Eli Broverman (co-founder of Betterment), Litquidity, MRTNZ Ventures, Bison Venture Partners, Spacestation, First Chair Ventures, Zilliqa Capital, Monsen Ventures, Nick Perez, Jeb Bush Jr., Ryan Holtzman, Aaron Wolko, plus YouTube creators Peter Hollens (2.6 million subscribers), Andrei Jikh (1.9 million subscribers) , Nate O’Brien (1.2 million subscribers) and Jake Tran (924,000 subscribers), among other super angels.

Sweater’s mission is to accelerate generational wealth creation through venture capital investing. It aims to level the playing field and give ordinary investors a seat at the venture capital table. By democratizing VC, Sweater’s vision is to create a “tight-knit” community that brings together investors, founders and the businesses they build.

According to David Weiland, co-founder and managing partner of Motivate Ventures, “Motivate believes that the democratization of access to venture capital is inevitable. We have been extremely impressed with Sweater’s thoughtful approach and big vision to this end and are excited about the journey ahead.

Sweater is targeting a $10 trillion industry of retail investors that is already beginning to take advantage of alternative investment opportunities in real estate, art, collectibles and hedge funds. They believe venture capital investment is next, as do the more than 50,000 people on their waiting list.

“The retail investor revolution is unfolding before our eyes, as investors continue to take more control over their investing future, and fintech companies like Sweater open up access to asset classes previously exclusive,” Sweater CEO Jesse Randall said.

As a professionally managed fund, Sweater’s team performs due diligence and invests on behalf of individual investors, whom Sweater will refer to as “members”. They then share investment breakdowns and company stories through the app (soon to be launched), so members can easily see how their money is being put to use in the next generation of world-changing startups.

“Our goal is to give our members courtside seats in the corporate world. That’s why we will be offering a fully managed fund that allows any investor, accredited or not, to invest in the class of venture capital assets,” Randall said.

Globally, venture capital has dominated the private market for the past three years, with more than $620 billion paid out to startups in 2021 alone, according to analysis by Pitchbook. Retail investors are demanding access to once-coveted asset classes, and venture capital investing is about to be disrupted.

“We’re building for the future and the next 20 years of venture capital,” Randall said. “Our mission is to foster the next generation of venture capital-backed startups by providing everyday investors broad access and opportunity to invest in world-changing companies.”

As Sweater rapidly approaches its public launch, the company plans to use the new capital to expand across the organization. Sweater is focused on building a world-class investment team, as well as expanding its growth marketing, member experience, and product and engineering efforts.

Fong Wa Chung, Head of Venture Capital at Akuna Capital, said, “Akuna is proud to support the Sweater team as they lead the way in opening doors for everyday investors through their platform. world-class venture capital investment, designed from the ground up to meet people’s desire. for access, opportunity and collective impact.

To find out more and be among the first to know when the app is available, be sure to join their tight-knit community at Sweaterventures.com.

About the sweater

Sweater was founded by Jesse Randall, Chad Lewkowski and Matthew Klein. Randall originally decided to start his own venture capital fund, after more than a decade of working as an entrepreneur and analyst at an accelerator and venture capital fund. When he found himself shut out of venture investing due to outdated accreditation requirements, he made it his mission to open up venture investing to everyone.

Sweater is a mobile fintech that offers investors direct access to the world’s most exclusive asset class, venture capital. Sweater’s mission is to empower everyone to become investors in the next generation of venture-backed startups and engage directly with the companies they believe in. Through educational content and more holistic support for founders, they are weaving a new kind of venture capital community as founders come together to build a better future. Learn more at Sweaterventures.com.

Media Contact

Maria Consuelo Gonima
[email protected]

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Sweater Closes New $12M Funding to Fuel the Venture Capital Revolution

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