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Today is a very special day for Republic. We are proud to announce that Republic has closed the first tranche of our $36M Series A round led by Galaxy Interactive.
Other investors include Tribe Capital, Motley Fool Ventures, and Broadhaven Ventures. In addition, Prosus Ventures (formerly Naspers Ventures) made a strategic investment in Republic through a purchase of Republic Notes, a novel digital security.
These firms are positioned to provide Republic’s community with access to high-quality deals and drive investment toward the founders building the next generation of household brands. They share our vision of empowering individuals to invest in the future they believe in.
For a look into why this raise was meaningful, here’s a personal letter from our CEO, Ken Nguyen.
From Ken Nguyen, our CEO
Growing up in the Bay Area in the ‘90s, I was surrounded by the enormous wealth that was created by the first dot-com boom. I was inspired by young programmers who had made millions, and sometimes billions, bringing powerful new technologies into the world. I wanted in.
I quickly learned that my family and I couldn’t take part. Not just because I was 15—but because neither I nor anyone in my family were wealthy or connected enough.
I wanted to change the system. I wanted to expand access to wealth, opportunities, and financial literacy. Motivated by memories of my 15-year-old self, I co-founded Republic to bring those ideals to light.
This is not just about wealth creation. It’s true, expanding access to early-stage companies, technologies, real estate, and more will help ordinary people build wealth the same way the wealthiest Americans do. But it has broader implications as well.
When people can invest in anything they care about, they are able to cast a vote with their dollar. How they decide to use that dollar contributes directly to the future we are all going to live in. If everyone invests and spends with intention, the future will be much more representative of what most of us want—rather than the vision of a select handful.
As our team sees tremendous growth and celebrates unprecedented milestones, the $36 million we raised from our investors will help us grow our operations and make Republic even more accessible to more people. We have an exciting year ahead, and we look forward to rolling out some major new updates to our community over the coming months.
Republic’s goal is for the next generation of household brands to be the result of millions of people voting with their dollars today. The result will be a better, wiser, more inclusive future for us all.
Invest in Social Impact
So much of Republic’s mission comes from our values and desire to make an impact. Today we’re highlighting other companies that are new on the platform and are social-impact oriented:
• Asaak has created a completely digital end-to-end lending marketplace for Africa, enabling individuals to access financial services and investors to invest directly into Asaak’s loans. They have $4.4M raised to date from top funds like Social Capital and 500 Startups, with a 39% gross margin and 17% profit margin.
• Backstage Capital launched their second tranche on Republic, raising under the new SEC regulations. This deal previously sold out in 8 hours. Backstage is an investment adviser focused on people of color, women and LGBTQ+ founders. The team has made 160+ investments in underrepresented founders. Investors include Marc Andreessen, Stewart Butterfield, Ellen Pao + more.
• Commissary Club (previously 70 Million Jobs) is the exclusive social network for people with a criminal history. For the 70 million formerly incarcerated Americans, Commissary Club hosts essential resources: employment, housing, education, and mentorship. They’ve helped place more than 3,000 members in jobs, and have built a community of 11 million so far.
• Lynx City is a micro-mobility e-scooter rental company that’s dedicated to promoting civic interests. They’ve earned $500K in revenue in 6 months with projected revenue of $15M by 2023. In just 6 months, they’re in 2 major cities, 4 secondary cities, and 1 college campus.
• myUDAAN is an assistive mobility solution for the elderly and persons with disabilities. They won the 2020 NCPEDP Award & the 2020 Disability Innovations Lab. They’re operating at a gross margin of 20% and received funding from Faster Capital.
• Plain Sight is a networking app on a mission to provide access to social capital and combat unconscious bias. Recently featured as Apple’s App of the Day, they’ve seen a 250% user base increase since July. They’ve raised $1M from diverse investors like Dan Gilbert, Jason White, and more.
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Scooterson: Let’s make it $400K! Just a few days left to invest!