Penelope raises $2.1 million

New York-based self-service retirement platform for small and micro businesses Penelope has raised $2.1 million in pre-seed fundraising led by Slauson & Co. Additional investors include Amplify LA, Black Jays and executives from Wells Fargo, Citigroup and US Bank.

Through a ‘low-cost’ subscription model, Penelope’s technology platform automates employee investing, streamlines cost and paperwork, provides practical savings tools for employees, and offers the choice of Pooled Employer Plans (PEP), traditional 401(k)s and Solo 401(k)s.

“Saving for retirement is an essential tool for building wealth and financial equality. For many small business owners, the jargon, paperwork and time required makes retirement plans out of reach. Penelope fundamentally changes the way small business owners and employees invest in themselves, their families and their communities.” – Austin Clements, Managing Partner at Slauson & Co.

“Our mission is to make the American dream of generational wealth building available to small businesses and startups by creating access to affordable 401(k) models and enabling financial inclusion across all socioeconomic levels. Historically, their inability to provide a channel for long term financial security for employees through a 401(k) plan has made smaller businesses vulnerable to losing talent. With Penelope, this legacy obstacle is no longer a concern.” – Jean Smart, CEO and Founder of Penelope.