Public.com, the social stock-investment app startup, tapped more celebrity backers for its $65 million Series C funding round.
Among those are pro skateboarder Tony Hawk and EDM-pop duo the Chainsmokers, through their Mantis VC fund. Venture-capital firm Accel led the round for the third consecutive time, joined by Lakestar and prior investors Greycroft and Shari Redstone’s Advancit Capital.
Other individual investors in Public.com’s Series C are Dick Parsons, former head of Time Warner, and NYU business professor Scott Galloway, who invested seven figures in the company earlier this year.
The latest round comes eight months after the company’s $15 million Series B fundraise, which included participation from Will Smith’s Dreamers VC and Girlboss founder Sophia Amoruso. The company has raised $90 million in total funding to date.
Launched in September 2019, Public.com is designed to make investing in the stock market simple and affordable for ordinary people. Members are able to buy and sell fractional shares of stocks and ETFs, as well as follow popular creators and share ideas within a community of other investors.
“We couldn’t be more thrilled about our investment in Public.com and the potential this company has,” The Chainsmokers’ Alex Pall, partner at Mantis VC, said in a statement. “We’re all about community and Public’s social focus makes the stock market a more inclusive space where everyone can get educated and excited about investing.”
Added Hawk, “The stock market has historically been an intimidating place reserved for a lucky few. 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.”
Other investors in the company include Adobe chief product officer Scott Belsky, Blavity founder/CEO Morgan DeBaun and Worklife VC.
Notable members of Public.com’s community include actor-activist Adrian Grenier; Aerie model and body-positivity activist Iskra Lawrence; Premier Lacrosse League co-founder Paul Rabil; Chillhouse founder/CEO Cyndi Ramirez-Fulton; and Harlem Capital partner Brandon Bryant.
According to Public.com, the app’s community of investors is approximately 40% women. (It hasn’t disclosed how many users it has.) The company generates interest on invested cash in members’ accounts (while it also provides members a 2.5% interest rate on their cash); earns fees by lending stock to short-sellers; and receives rebates on certain stock transactions.