“Financial education and encouraging young people to prioritize it has always been important and I have a unique opportunity and responsibility to use my platform to deliver this life-changing message to everyone.”
Scout, the Los Angeles-based investment platform, raised $2.6 million in a funding round led by Chingona Ventures, after emerging from its private beta program to be available on the Apple App Store. Apple.
The fintech has focused on personalization and portfolio diversification for the college crowd and its private beta program has seen Scout onboard thousands of students across more than 17 college campuses. Now available on the Apple App Store, the company is poised to expand rapidly across the country.
Scout raised among many, including NBA’s Chris Paul and NFL’s Vernon Davis
Other investors include BDMI, OnDeck, OneTeam Partners, Reach Capital, Gaingels, Hustle Fund, Alive VC and Broadhaven Ventures alongside several top co-investors such as Phoenix Suns guard and 12-time NBA All-Star Chris Paul, NFL Legend and Super Bowl champion Vernon Davis, early career investors Tim Fong, Jay Kapoor and athletes Jimmer Fredette and Kyle Hines.
Scout currently offers 15 differentiated investment options that can match personal interests, ranging from themes such as: I Love College (American food and beverage companies focused on fast food, alcohol and other guilty pleasures); Love of the Game (companies that develop or publish video games, facilitate streaming or downloading of gaming/esports content, or produce hardware used in video games and esports); So Glamorous (clothing, luxury goods and other consumer products like handbags, shoes, jewelry, etc.); The Secret Fund of Pets (companies that support pet ownership, health and general trends in how we care for our pets) and The Open Road (companies involved in the development of self-driving cars, vehicles electric vehicles and electric vehicle components and materials).
Michael Haddix, Jr., Founder and CEO of Scout, said, “Gen Z investors are participating in the markets at higher rates than ever before, but they’re either being left behind or misled by their investment platforms. current investment. They are either disappointed and bewildered by the boring rigidity of financial advisors, and end up losing interest in the life-changing opportunity of starting and continuing their investment journey at a young age. Or they get overwhelmed by the bright lights and excitement of low-orientation “casino/day-trading” brokers and can potentially lose a significant amount of money…before they lose interest in the markets. Scout makes investing appealing to each person based on their interests and experiences while automatically balancing their portfolio’s risks to promote long-term wealth-building opportunities, teaching them the process along the way.
Samara Mejia Hernandez, Founding Partner of Chingona Ventures, said, “Chingona Ventures prioritizes investing in founders from non-traditional backgrounds who bring unique perspectives on a customer base that will give them a competitive edge. Michael’s relentless passion for making Scout a driving force in motivating and engaging the next generation of responsible investors exemplifies the very type of founder we love to support.
Chris Paul said: “Financial education and encouraging young people to prioritize it has always been important and I have a unique opportunity and responsibility to use my platform to deliver this life-changing message to everybody. Mike has long been a trusted advisor to young athletes, but what really drives him and his reason for starting Scout is an underlying desire to inspire the next generation of kids from all walks of life to not just succeed, but to take ownership and active participation in saving and investing for their future.
In addition to his relationship with Chris Paul and the other athletes included in this round, Scout has also partnered with a host of influential professional athletes from Travis Kelce, Ali Krieger, Elena Delle Donne and CJ McCollum to promote the platform. investment on social networks. and provide personalized advice on entrepreneurship and investing.