Pontera secures a notable $60 million in funding to advance its mission of revolutionizing retirement planning in the United States. The funding round is spearheaded by ICONIQ Growth, a renowned global venture capital firm with a track record of supporting industry giants such as Zoom, Uber, and Airbnb.
Among the additional backers contributing to this round are Blumberg Capital, Collaborative Fund, Hanaco Ventures, Lightspeed Venture Partners, and The Founders Kitchen, bringing the total investment in Pontera to $160 million to date.
The strategic objective now involves a doubling of the team size over the next 24 months, reflecting Pontera’s commitment to expansion and innovation in the field.
Established in 2012 under the name FeeX, Pontera initially focused on empowering retirement savers by providing a data transparency platform, concentrating on fund options and fees within workplace retirement accounts. Recognizing the evolving needs of retirement savers, Pontera shifted its focus to offer comprehensive assistance in managing retirement accounts.
Yoav Zurel, CEO of Pontera, notes that personal financial advisors often provide minimal assistance to savers, underscoring the necessity for a platform that goes beyond data provision.
In 2018, Pontera pivoted to offer its platform to financial advisors, introducing a secure and compliant path to professional 401(k) management. The company rebranded as Pontera in 2022, inspired by the Latin word “pont,” meaning bridge, symbolizing its commitment to bridging individuals to a better retirement.
The latest funding, which came in November, was unexpected as Pontera was not actively seeking capital, having maintained a prudent approach to capital deployment. ICONIQ Growth’s investment decision was influenced by Pontera’s effective execution, a product that benefits the entire retirement ecosystem, and a noteworthy track record of quadrupled revenue since the previous fundraising round.
Zurel emphasizes that the funding is not just an investment in Pontera but signifies a commitment to the future of every U.S. worker aspiring for a secure and fulfilling retirement. The funds will be utilized for product development, team expansion, and overall business growth, with plans to double the team size in the next 24 months.
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