Online investment platform modernizes access to public finance; connects borrowing communities with investors of every type
Exciting news to share today from our portfolio company, Neighborly. The online investment platform raised a $25 million Series A funding round to further support its mission of modernizing public finance.
CEO Jase Wilson summarized the news in a company blog post yesterday, and reaffirmed Neighborly’s commitment to democratizing the $3.8 trillion-dollar municipal securities market. In his own words, Wilson notes, “Our nation holds more than enough wealth and willpower to fix [major infrastructure problems facing our cities]. Supporting municipal finance is a nonpartisan effort — something that both sides of the aisle can (and do) get behind. The current financial system is set up in a way that disadvantages and costs communities much more than needed.”
Neighborly has been focused on fixing this broken system since its launch. The company has financed almost $25 million for US communities since the start of the year, for public projects including that impact citizens’ everyday lives including bike lanes, building renovations, energy efficiency upgrades and conservation. By liberating the process of funding municipal projects and re-engaging the “retail investor” in investing in their own communities, Neighborly is repairing — what we at the Govtech Fund refer to as — the “connective tissue of society”.
We couldn’t be more excited for Neighborly and are honored to be an investor in this govtech innovator.