Propel raised $3.5M through a grant from the Bill & Melinda Gates Foundation to develop AI-powered tools for safety net navigation.

Aug 30, 2024•11 months ago

Amount Raised

$3.5 Million

Round Type

seed

BrooklynFinance

Investors

Bill & Melinda Gates Foundation

Description

Propel celebrates its 10th anniversary with a $3.5 million grant aimed at enhancing safety net navigation. The funding will support the development of advanced features to improve app security and user experience.

Company Information

Company

Propel, Inc.

Location

397 Bridge Street, 8th Floor

Brooklyn, New York, United States

About

Propel's mission is to enable Americans with low income to improve their financial health. The Propel app (formerly Providers, Fresh EBT), is used by over five million Americans across the country each month to check their EBT balance, stay up-to-date on benefits information, and more. Propel is a for-profit company, originally founded through a fellowship at Blue Ridge Labs @Robin Hood Foundation. Propel’s investors include nonprofits, mission-oriented investors, and top-tier venture capitalists: Financial Health Network, Andreessen Horowitz, Nyca Partners, Flourish Ventures, Kleiner Perkins, and more. Propel is based in Brooklyn, N.Y.

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VC-backed spending patterns

VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

Propel raised $3.5M through a grant from the Bill & Melinda Gates Foundation to develop AI-powered tools for safety net navigation.

Investors

Description

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