In September, Public celebrated its five-year anniversary, and it’s been nearly four years since our Series D. Today, we’re excited to announce ne

Public announces $135M Series D-2 capital raise

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2024-12-02 15:00:12

In September, Public celebrated its five-year anniversary, and it’s been nearly four years since our Series D. Today, we’re excited to announce new financing totaling $135 million, including $105 million in equity financing and $30 million in debt.

This round was once again led by Accel, which has led or co-led every funding round since we launched in 2019. We’re incredibly grateful to have a partner who believes in Public’s vision as much as we do.

By 2045, $70T of assets will be inherited by a generation of digital natives — with $28T of that in the form of stocks and bonds.

This generation is also “self-directed first,” which means they are the most autonomous when it comes to investing. They started building financial literacy earlier than prior generations, giving them the confidence to control their portfolios and devise their own investment strategies. As this headline from the New York Times sums up nicely — the last thing they want is to speak with a human financial advisor.

As we’ve scaled AUM into the billions over the past few years, we’ve found that the time required to double AUM continues to shrink, now taking less than a year. This is driven by having very little churn, customer lifetimes measured in decades, and by each new customer cohort depositing more than the last. We’re seeing an increasing share of wallet from both new and existing customers, who are consolidating their assets onto the platform and making Public their primary portfolio.