Onward Solutions Inc., a Marina del Rey-based fintech developer of co-parenting assistance software, has raised $ 9.7 million in Series A funding. The company plans to strengthen its presence in Los Angeles and to expand its product portfolio.
Onward Solutions officials said the company is committed to helping the approximately 50 million co-parents in the United States “who rely on messy text messages and emailed spreadsheets to track shared expenses. for their children, “which can cause frustration for all parties involved.
Onward said its software significantly reduces communication friction for co-parents by making it immediately clear what one party owes the other for any expenses incurred. The app allows parties to record and track shared expense histories which can be easily exported.
In its fundraising announcement on Oct. 27, the company said the Series A funding comes in the wake of a significant growth period, with nearly 100,000 app installs by co-parents.
Jacklyn Adele Rome, CEO and founder of Onward, said in an accompanying statement that the fundraiser signals Onward’s strong hold on a growing niche market that needs specific and bespoke fintech.
Rome said financial disputes can ruin friendlier relationships, something he experienced firsthand after his parents’ divorce when he was 14. Rome launched Onward in 2020, following successful product launch leadership periods at Uber Technologies Inc. and Blue Apron Inc., among others.
“We are very excited and grateful to continue to have the support of our investors as we aim to meet a significant and unaddressed need for millions of co-parents in this country,” Rome said in a statement. “We are determined to continue to create products that reduce friction in their lives and provide social impact by enabling them to be better parents for the next generation.” The company recently hired talent from fintech companies including PayPal, Stash, Acorns, and Intuit as part of its growth.
The Series A funding round was led by Atlanta-based TTV Capital. The financing round was attended by companies including New York-based companies Lerer Hippeau and Citi Ventures and Bay Area Correlation Ventures and Gingerbread Capital companies.
“We always look for three things when we decide to make an investment: founder, vision and opportunity. Then check all those boxes and more, “TTV Capital partner Mark Johnson said in the Oct. 27 announcement.” Jacklyn and her team have delved into the co-parenting experience to design an intuitive product. We are confident. that this infusion of new capital will enable Onward to create even more solutions for the benefit of co-parents around the world. “
Luis Valdich, chief executive of Venture Investing at Citi Ventures, said Citi was impressed with Onward’s strategy to tackle a huge gap in the market “head-on and with thoughtful, human-centered financial services.
“We are excited to continue supporting Onward’s growth trajectory as it allows co-parents to streamline financial discussions and focus on what matters most: their families,” Valdich said in a statement.