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Investment giant BlackRock announced Friday that it is taking a minority stake in venture-backed fintech startup Human Interest.
Terms of the deal were not disclosed.
Human Interest’s digital retirement benefits platform allows users to “start a retirement plan in minutes and put it on autopilot,” according to the company. It also suggests eliminating all 401(k) transaction fees. The startup told TechCrunch that it previously works with “every SMB” — from tech startups to law offices, dentists to dog walkers, manufacturing firms, social justice nonprofits.
The San Francisco-based company Since its founding in 2015 by Paul Sawaya and Roger Lee, it has raised a total of $336.7 million in funding. The Rise Fund, TPG’s global impact investing platform, led a $200 million round for Human Interest in August 2021. It propelled him to unicorn status. Other backers include SoftBank Vision Fund 2, Crosslink Capital, NewView Capital, Glynn Capital, US Venture Partners, Wing Venture Capital, Uncork Capital, Slow Capital and Susa Ventures, among others. Since the initial close of that round, Human Interest has seen more than 400% growth in customers and revenue, he said in a blog post. At the time of this increase, experts told TechCrunch that the company had It is targeting a traditional IPO by 2023, hoping to “get $200 million in runoff revenue before going public.” In the year By August 2021, it was “running in the tens of millions in revenue and adding millions in new revenue every month,” according to executives.
“BlackRock has an amazing team dedicated to providing high-quality retirement savings and investment options. We are excited to work with BlackRock to find ways to help millions more employees access retirement in the coming years,” Human Interest CEO Jeff Schnebel said in a written statement.
“We look forward to helping Human Interest close the access gap,” Ann Ackerley, head of BlackRock’s pensions group, said in a statement.
Lee, co-founder of Human Interest He moved years ago, recently founded another startup, general.io And launch the stopwatch Dismissal.FYI Shortly after the outbreak of the Covid-19 pandemic.
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