Rocket Dollar receives $ 8 million for its retirement investment platform
Rocket Dollar, a self-directed retirement platform, recently closed a $ 8 million financing.
Founded in 2017 and based in Austin, the fintech company enables people to use self-directed retirement accounts to make a variety of investments in alternative assets such as real estate, startups, private equity, cryptocurrency, and more.
Park West Asset Management led Series A financing with the participation of Hyphen Capital, Moneta Venture Capital, Kraken Ventures and Primetime Partners. The existing investor Sure Ventures also participated.
The company has also announced this
Former T. Rowe Price Global Investment Services CEO and President Todd Ruppert will also join Rocket Dollar’s board of directors.
Rocket Dollar plans to use the funds for product development, customer service, cybersecurity, and expanding investment education and content creation.
“Modern investors expect ease, confidence and convenience when it comes to managing their investment portfolio,” said Henry Yoshida, CEO and co-founder of Rocket Dollar, in a press release. âAfter years of studying this industry, we have applied new technology to a paper-driven complex industry that makes investing in alternatives instantly accessible and affordable. This puts customers back in control and opens up a wider range of asset classes to savvy investors without the need for expensive service providers. “
Rocket Dollar offers a flexible IRA and Solo 401K investment platform that enables account holders to find investment opportunities outside of stocks, bonds, and mutual funds.
âIn the past few years we’ve seen an explosion of interest in alternatives as individuals see how much wealth comes from private investing,â said Dave Lu, founder and managing partner of Hyphen Capital. “Henry and his team are uniquely qualified and well-positioned to revolutionize the way investors use self-managed accounts for alternative investments and have helped thousands of individuals realize the potential of their IRA funds to accelerate wealth creation.”
“The financial sector is in the midst of a technological revolution,” said Brandon Gath, managing partner at Kraken Ventures, in a press release. âDiversification is the only free lunch when it comes to investing, but isolated operating systems and outdated tech stacks mean consumers have struggled to shift their retirement savings into a variety of asset classes. This is Rocket Dollar’s solution: they allow anyone from the twenty-year-old right out of college to the 60-year-old looking to maximize their savings to have the same level of financial autonomy that has historically been reserved for the Ultras-rich. Kraken Ventures believes that technology ultimately empowers the investor, and Rocket Dollar enables anyone to add crypto – the top performing asset class in the last decade – to their retirement account. “
Rocket Dollar has more than $ 350 million in client assets.