bankingciooutlook

Propel(x) Closes $5.5M Funding Round

By: Banking CIO Outlook | Tuesday, July 28, 2020

Propel(x) is an online investment platform that connects technology and science startups with investors. The company introduces its users to startups that are commercializing all kinds of deep technologies, including new forms of clean energy, life-saving drugs, new ways of space exploration, and innovative new materials.

FREMONT, CA: Propel(x), a San Mateo, California-based online investment platform for investors to source, evaluate and fund science and technology startups, secured a new round of financing in Q1 2020, which, including all converting notes, raised just above $5.5 million.

Investers included Franklin Templeton, Sky Saga Capital, FreeS Venture Capital, ZhenFund, MIT Alumni Angels of Northern California, and various other family offices and individual angels.

The company plans to use the fund to build new features on the platform to enable investors to make informed investment decisions, grow operations and expand marketing.

Establsihed by CEO Swati Chaturvedi and Lisheng Wang, MIT classmates, Propel(x) is an online investment platform that connects technologyandscience startups with investors. The company introduces its users to startups that are commercializing all kinds of deep technologies, including new forms of clean energy, life-saving drugs, new ways of space exploration, and innovative new materials.

“We are very pleased with the support from investors and their belief in the Propel(x) mission.Private markets will become more accessible and transparent due to our platform, as we make early investment in technology startups available to ordinary accredited investors worldwide. As companies stay private longer, more people want to participate in a company’s early investment rounds and Propel(x) provides that opportunity for a wide spectrum of investors,” remarked Ms. Swati Chaturvedi, CEO of Propel(x).

“We invest in companies and technologies that we believe are poised to deliver significant economic or strategic benefits. Propel(x) has built a platform that we believe holds great potential,”said Joe Boerio, Chief Risk & Transformational Officer, Franklin Templeton.

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