FinTech News
Tax-Advantaged Account Platform Carry Raises $10 Million
An investment platform with an emphasis on tax-saving strategies has raised a new round of funding.
About the round:
Earlier this week, Carry revealed that it had raised $10 million. The Series A was led by Accomplice VC with “dozens” of angel investors participating as well. According to the company, the funds were raised at a pre-money valuation of $65 million. This round follows a $4.5 million seed round in 2022, which was led Vibe VC.
Carry has also announced that it will allow members of its community to invest in the platform. The FinTech has a $1 million allocation for these investors, who can invest at the same terms as the other Series A participants. However, investors must be accredited. Those interested can request additional information and apply using Carry’s form.
With the new funds, Carry plans to expand its platform and add new features. This includes introducing a tax optimization engine that can analyze a user’s tax return to automatically recommend money-saving strategies, support for HSAs, and more.
About Carry:
Billing itself as an all-in-one platform for tax advantage accounts, Carry is a platform aimed at business owners and other high-earning professionals. With the service, customers can access Solo 401ks, backdoor Roths, and more. Additionally, the platform offers custom financial plans for users.
In a blog post about the funding round, Carry revealed that they have more than 1,400 paid customers and are nearly $1 million in annual recurring revenue.
Currently, Carry offers a Basic Plan for $29 a month (or $299 a year) as well as a Pro Plan for $49 a month ($499 per year). However, in celebration of the new funding round, the company is offering a limited-time deal where new members can try the service for one week at the cost of $1.
What they’re saying:
Carry’s blog post about the funding also highlighted the company’s vision, stating, “Our long-term goal is to build the Schwab for our generation, combining smart tax optimization with a modern investment platform that allows you to invest in both traditional assets like stocks and bonds, or alternative assets like real estate, startups and crypto.”
My thoughts:
There are a couple of interesting elements to this story. First, it’s intriguing that Carry is earmarking $1 million in investment availability for users of the platform. I suppose that makes a lot of sense when your demo is high-earners anyway — but I haven’t seen an investment opportunity called out in a funding announcement before.
As for the Carry product, it seems to be a useful platform that’s also available at a surprisingly reasonable price. It also looks as though the company has a roadmap for what it wants to add in the future. That coupled with the newly-raised funds should certainly serve them well.
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