Iris, the social stock market app that lets users invest with friends, is looking to raise up to $500,000 on Republic.
According to the offering page, Iris has set a funding goal target of between $25,000 and $500,000. As it stands today, Iris has raised over $226,000 from 376 individual investors. If you are investing in Iris you are receiving a Crowd Safe at a $20 million funding cap. That means you are receiving equity at a future date when the company achieves a certain trigger. The terms are available on the offering page. The Form C offering document may be viewed here.
Iris previously raised $650,000 from two VCs along with friends and family in a pre-seed round.
Iris looking to benefit from the rise of a new generation of investors that are comfortable with the digital landscape of social media. Iris connects with your brokerage, like Robinhood, TD Ameritrade, Fidelity and more. Schwab, Etrade, Coinbase, and others are in the queue.
Iris lets users connect their accounts, and automatically share their trades and portfolios with their friends facilitating collaboration and community. Iris notes that it shows holdings and trades in percentages but not dollar amounts – important if you do not want your mates to know how much (or how little) you actually hold. The advent of trading boards on Reddit etc. proves their is an interest in social investing.
Iris reports that its typical user is a GenZ or Millennial, who “actively” trades. Since launch in 2020, Iris reports 47,000 users with approximately 11 thousand active each month.
If you are curious the App is avilable for download on both the Apple App Storea as well as Google Play.
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