Social Investing Startup Public.com Raises $65M; Backers Include Dick Parsons, Tony Hawk & The Chainsmokers

AP Photo/Richard Drew, File

Public.com, a social network focused on democratizing stock market investing, has raised $65 million in a Series C round.

Notable investors in the startup include former Time Warner CEO Dick Parsons, skateboarder and entrepreneur Tony Hawk, and a venture firm run by electronic music DJs and producers The Chainsmokers.

Accel led the round for the third straight time and was joined by Lakestar and previous Public.com investors Greycroft and Advancit Capital.

The new raise follows the company’s $15 million Series B round eight months ago and brings its total funding to $90 million to date.

Public.com says its community includes actor Adrian Grenier, Premier Lacrosse League co-founder Paul Rabil, Chillhouse founder-CEO Cyndi Ramirez-Fulton and Harlem Capital partner Brandon Bryant.

“Our mission to change the culture of investing is resonating with a new generation of investors who value collaboration over competition,” Co-CEO Leif Abraham said in a press release. “By building the social network for investing, we’re giving people a place to share ideas and discover new ways of thinking in the same place they invest.”

With stock markets surging despite the economic uncertainty of 2020, Public.com’s social investing strategy has caught on, especially among women, who make up 40% of Public.com’s user base. The overall number of users has grown tenfold since the company launched in September 2019.

“The stock market has historically been an intimidating place reserved for a lucky few,” Hawk said. “As technology continues to disrupt barriers, Public.com is creating a platform that makes investing accessible to everyone; while providing a place where they can share ideas and build their confidence as they build their portfolios.”

This article was printed from https://deadline.com/2020/12/public-social-network-stock-market-investing-startup-public-series-c-fundraising-round-the-chainsmokers-1234656987/