Startup app Fennel raised $5 million on its pitch to make ESG investing and shareholder engagement easier for retail investors.
Why it matters: ESG investing is under fire from conservative camps, but the investment area continues to pull inflows from younger investors eager to build a portfolio of companies focused on climate change and diversity, equity and inclusion.
Details: Fennel raised the seed funding via an all-equity party round that included UC Davis professor John Rundle, Acorns co-founder Jeffrey Cruttenden and former Schwab board member Preston Butcher, among others. None of the round’s investors are joining Fennel’s board, CEO Daniel Naim tells Axios.
State of play: Naim dropped out of his Ph.D. program to start Fennel in 2020. By May of this year, the market had soured on fintechs.
- “It was hell,” he said of the fundraising environment.
How it works: Fennel operates in two forms, Fennel the app and Fennel the brokerage, called Fennel Financial.
- The subscription-model app allows users to buy and sell public securities and get a detailed look at their portfolio’s ESG metrics in data.
- The app also allows users to follow proxy ballots to track their outcomes and it plans, in the future, to offer voting capabilities.
- Fennel Financial is a separate entity that manages the customer order flows. This arm of the company works with Apex for custody and clearing, Aventis for AML, and Socure for KYC.
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