Sep 09, 2021, 08:00 ET
AUSTIN, Texas, Sept. 9, 2021 /PRNewswire/ -- Rocket Dollar, the fastest-growing self-directed retirement platform, has successfully raised $8 million in Series A financing. The round was led by Park West Asset Management with participation from Hyphen Capital, Moneta Venture Capital, Kraken Ventures, and Primetime Partners, co-founded by Alan Patricof. Existing investor Sure Ventures also participated. Additionally, former T. Rowe Price Global Investment Services CEO and President Todd Ruppert will join Rocket Dollar's Board.
Rocket Dollar will use the funding to accelerate product development, enhance customer experience, double down on cybersecurity, and expand investment education and content to ensure investors of all ages and sophistication feel empowered when opening an account and investing through Rocket Dollar.
"Modern investors expect ease, trust, and convenience when it comes to managing their investment portfolio," said Henry Yoshida, CEO and Co-Founder of Rocket Dollar. "After studying this industry for years, we have applied new technology to a paper-driven complex industry that instantly makes investing in alternatives accessible and affordable. This gives control back to clients and opens a wider range of asset classes to savvy investors, without the need for expensive service providers."
With a customer-first and technology-centric approach to product development, Rocket Dollar has built a fundamentally powerful and flexible alternative investment IRA and Solo 401(k) platform enabling potential and existing account holders to tap into investment opportunities outside of stocks, bonds and mutual funds.
"In recent years, we have seen an explosion of interest in alternatives as individuals see how much wealth is created from private investments," said Dave Lu, Founder and Managing Partner of Hyphen Capital. "Henry and his team are uniquely qualified and well-positioned to revolutionize how investors leverage self-directed accounts for alternative investments, having helped thousands of individuals unlock the potential of their IRA funds to accelerate wealth accumulation."
Enjoying the tax advantages of IRA accounts, Rocket Dollar allows account holders to invest in alternative assets outside of stocks and bonds such as real estate, private equity, startups, cryptocurrency, and more.
"The financial sector is in the midst of a technological revolution," said Brandon Gath, Managing Partner at Kraken Ventures. "Diversification is the only free lunch in investing, but siloed operating systems and outdated tech stacks mean consumers have long struggled to move their retirement savings into a wide range of asset classes. This is what Rocket Dollar solves: they enable anyone, from the twenty-something straight out of college, to the 60-year-old looking to maximize their savings, to gain the same level of financial autonomy that has historically been reserved for the ultra-wealthy. Kraken Ventures believes technology ultimately empowers the investor and Rocket Dollar enables everyone to add crypto – the highest performing asset class of the past decade – to their retirement account."
After a record growth year and surpassing $350M in customer assets, Rocket Dollar continues to help individuals tap into the $12.6 trillion dollars locked away in IRAs (source: Investment Company Institute, period ending Q1, 2021) to invest like the ultra-wealthy.
About Rocket Dollar
Rocket Dollar provides self-directed retirement accounts to individuals who want to use their retirement savings to invest in any alternative asset allowed by the IRS such as real estate, crypto, startups, lending, and more, without losing any IRA tax benefits. Account-holders can rest assured that their data is securely stored as Rocket Dollar is SOC 2 Type 2 certified. With customers in all 50 states, Rocket Dollar's platform makes investing fast, simple, and safe. For more information, visit www.rocketdollar.com
SOURCE Rocket Dollar
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