Retail investor social impact investing platform OpenInvest has raised $3.25 million in seed funding. Andreessen Horowitz led the round with additional participation coming from Abstract Ventures, Wireframe Ventures, and SV2. The funds are earmarked for hiring, product development and customer acquisition.
OpenInvest is an accessible online financial advisor allowing investors to align their investments with their values to engage companies and drive social change. Available investment screens include climate change, fossil fuels, weapons manufacturers, deforestation, tobacco, and companies supporting President Trump. Interests in those companies can be combined into a portfolio.
“We launched OpenInvest last September and experienced explosive growth in the wake of the presidential election and increased social activism,” OpenInvest CEO Conor Murray said. “We are building a new class of ‘activist-passive’ investors, who can use OpenInvest’s proprietary tools to easily divest-invest based on their passions and values, while portfolios auto-rebalance to stay broadly tracking the performance of the market.”
“OpenInvest is democratizing a movement that has already captured a significant percentage of institutional dollars, but in a much more powerful, granular, and approachable way,” said Alex Rampell, general partner, Andreessen Horowitz. “We’re thrilled to become part of OpenInvest, as we see a strong team that uniquely balances financial pedigree and social activism, with a laser-focused mission to fundamentally transform how consumers can drive social action through smart investing.”
In addition to Mr. Murray OpenInvest is led by CTO Phillip Wei, a cofounder of Deliveroo and Josh Levin, the former Sustainable Finance Program manager at the World Wildlife Fund.