Investment app Grifin, which enables users to invest automatically in stocks aligned with their daily purchases, announced it has raised $11 million in a Series A funding round, bringing its total raised capital to approximately $22 million. The recent financing round was led by Nava Ventures, with participation from investors including Alloy Labs, Draper Associates, Gaingels, Nevcaut Ventures, and TTV Capital. Following this investment, Nava Ventures partner Freddie Martignetti joined Grifin’s board of directors.
Grifin also revealed significant user growth, surpassing 500,000 registered members, with about 1 million total app downloads and 100,000 monthly active users. The company chose not to disclose its current valuation.
Launched in 2017 and co-founded by Aaron Froug, Bo Starr, and Robin Froug, Grifin was initially based on the unique concept “Stock Where You Shop,” which automatically purchased small amounts of stock in brands where users made everyday transactions. In 2024, the company introduced its updated adaptive investing model. Under this system, each time a user makes a purchase, the app invests one dollar into stocks related to that company or its parent group. For example, shopping at Walmart triggers a $1 investment in Walmart stock, though users can adjust the amounts manually at their discretion.
The new capital will primarily support product development, enhance the company’s software engineering and UX design teams, and fund strategic growth. Grifin plans to launch several new features shortly, including an AI-powered chatbot for financial literacy and investment guidance, as well as a “family plans” option designed to enable parents and grandparents to introduce younger family members to investing in a low-pressure, simplified manner.
Company CEO Aaron Froug emphasized that the AI chatbot is still under development precisely because ensuring accuracy before release is critical. He explained the chatbot’s purpose will be twofold: summarizing financial literacy articles hosted within the app and providing personalized answers about individual investments.
A substantial portion of Grifin’s current users are women aged between their late 40s and early 60s, as well as younger female users aged 18-24. To serve this targeted customer base, the company is considering adding other user-requested features, like budgeting tools aimed at providing greater insight into spending habits.
Further highlighting the appeal of Grifin’s model, internal data from the company indicates a noticeable change in consumer behavior: users spent, on average, 234% more at Walmart stores six months after they acquired Walmart stock through the app. The simplified, approachable style of investing aligns with Grifin’s broader goal—making the market accessible and less intimidating, especially for demographics that historically have shied away from investing.
According to surveys, roughly 38% of Americans currently do not invest directly in stocks, reflecting widespread hesitation or intimidation around financial markets. Grifin’s approach, focusing on automatic investments linked explicitly to daily spending habits and bolstered by accessible educational content, represents a practical strategy aimed at reducing barriers for novice investors.
