The raise combines seed funding and capital committed to support company operations.
San Francisco-based marketplace investing platform Income& has announced the closure of a $2.9 million investment round in seed funding and committed capital. The round was led by iSeed Ventures, an early stage VC.
Income& is the creator of PRIMO, a low-risk, high-yielding fixed-income product backed by prime-rated mortgages. Through Income&’s platform, investors will be able to customize and purchase a diversified fixed-income portfolio and easily manage their investments over time, according to the company.
The platform aims to fill a sizeable gap in the market, by providing investors with access to advantageous fixed-income investment opportunities, that are easy to customize, simple to purchase, fully transparent and that present an attractive trade-off between risk and return. The platform will be targeting up to a 7.5 per cent return for investors.
The functionality of the platform seems extremely straightforward and assembling a portfolio seems relatively frictionless. Investors may rely either on an automatic or on a customized portfolio optimizer, and they will have the chance to tailor their risk exposure in relation to their risk appetite, selecting based on factors like FICO score and size of down payments.
CEO Brad Walker commented:
“We founded Income& to solve two problems: the lack of investments for baby boomers to support a comfortable retirement, and the absence of transparency in the mortgage market […]. Ten thousand baby boomers turn 65 every day, which means that 76 million Americans with trillions in assets are desperate for the safety of a low-risk, fixed-income product with superior returns. Until the launch of PRIMOs™, there has been a lack of products that satisfy this need.”
The new investment opportunities will be accessible early next year, but will initially be made available only to accredited investors.