Rocket Dollar, a self-directed retirement platform, recently closed on $8 million in funding.
The Austin-based fintech company, founded in 2017, allows people to use self-directed retirement accounts to make a wide variety of investments in alternative assets like real estate, startups, private equity, cryptocurrency, and more.
Park West Asset Management led the Series A financing with participation from Hyphen Capital, Moneta Venture Capital, Kraken Ventures, and Primetime Partners. Existing investor Sure Ventures also participated.
The company also announced that former T. Rowe Price Global Investment Services CEO and President Todd Ruppert will also join Rocket Dollar’s board.
Rocket Dollar plans to use the funds for product development, customer service, cybersecurity, and expanding investment education and content creation.
“Modern investors expect ease, trust, and convenience when it comes to managing their investment portfolio,” Henry Yoshida, CEO and Co-Founder of Rocket Dollar, said in a news release. “After studying this industry for years, we have applied new technology to a paper-driven complex industry that instantly makes investing in alternatives accessible and affordable. This gives control back to clients and opens a wider range of asset classes to savvy investors, without the need for expensive service providers.”
Rocket Dollar offers a flexible investment IRA and Solo 401K platform that enables account holders to tap into investment opportunities outside of stocks, bonds and mutual funds.
“In recent years, we have seen an explosion of interest in alternatives as individuals see how much wealth is created from private investments,” Dave Lu, Founder and Managing Partner of Hyphen Capital. “Henry and his team are uniquely qualified and well-positioned to revolutionize how investors leverage self-directed accounts for alternative investments, having helped thousands of individuals unlock the potential of their IRA funds to accelerate wealth accumulation.”
“The financial sector is in the midst of a technological revolution,” Brandon Gath, Managing Partner at Kraken Ventures, said in a news release. “Diversification is the only free lunch in investing, but siloed operating systems and outdated tech stacks mean consumers have long struggled to move their retirement savings into a wide range of asset classes. This is what Rocket Dollar solves: they enable anyone, from the twenty-something straight out of college, to the 60-year-old looking to maximize their savings, to gain the same level of financial autonomy that has historically been reserved for the ultra-wealthy. Kraken Ventures believes technology ultimately empowers the investor and Rocket Dollar enables everyone to add crypto – the highest performing asset class of the past decade – to their retirement account.”
Rocket Dollar has more than $350 million in customer assets.
