Fast-growing brokerage app and community adds Galloway to list of backers committed to changing the culture of investing
NEW YORK--(BUSINESS WIRE)--Public.com, the social investing app backed by Will Smith’s Dreamers VC, NFL star J.J. Watt, bestselling author Sophia Amoruso, and the original investors in Venmo, today announced that business professor and entrepreneur Scott Galloway has made a strategic, seven-figure investment in the company.
Galloway has been outspoken with his views on the democratization of investing, calling for modern platforms to build responsibly and provide guardrails to protect new investors as they grow their financial literacy. His investment in Public signals his desire to be a part of the solution as America’s investing class continues to widen.
“The surge of interest in the stock market is a net positive for our economy and our society,” said Scott Galloway, Professor of Marketing at NYU Stern and investor in Public. “Financial literacy grows through the exchange of ideas and information about business strategy. I believe the diverse community that Public is building and focuses on investing vs. gambling creates a healthier ecosystem.”
Public is a community-based investing app that allows investors of all backgrounds to exchange ideas and talk about business and financial news productively. In addition to offering fractional shares and an intuitive interface, Public incorporates educational features and guardrails designed to provide context as people become more confident in their investing journeys. For example, Public includes Safety Labels for stocks deemed potentially risky by the SEC. In June 2020, Public temporarily removed the ability to buy Hertz stock on its platform in response to the company's unprecedented move to issue more stock to retail investors despite declaring bankruptcy.
Online trading platforms offering fractional and feeless investing have opened access to the stock market, enabling more people to invest. As markets become more accessible, Public aims to change the culture of investing by making the stock market inclusive, educational, and approachable. Public’s fast-growing community of investors share ideas about investments with other users in the app, bringing formerly closed-off conversations into a public forum where people can learn together.
“True democratization of investing necessitates a change to the very culture of investing,” said Leif Abraham, Co-CEO of Public. “Throughout his career, Scott Galloway has educated mainstream audiences on business strategy while also encouraging them to challenge convention. His perspective adds tremendous value as we continue to create an inclusive environment for all investors.”
Since launching in September 2019, Public has attracted a strategic group of investors across fin-tech and mainstream business culture. Galloway joins Greycroft and Accel, the original investors in Venmo, in his backing of the company. Additional investors include Shari Redstone’s Advancit Capital, Will Smith’s Dreamers VC, NFL star J.J. Watt, bestselling author Sophia Amoruso, and Morgan DeBaun, the founder and CEO of Blavity, Inc. Prominent creator Casey Neistat is an advisor to the company.
Public has grown its user base at a consistent pace of 160 percent quarter-over-quarter since launch, while raising $30 million in funding to-date.
Public.com is a social investing app where members can own fractional shares of stocks and ETFs, follow popular creators, and share ideas within a community of investors.
The company is headquartered in New York and is a member of FINRA and SIPC. Visit Public.com to download the free app for iOS or Android.