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Santa Clara: California-based Motif Investing, provider of innovative way to invest in ideas, has raised close to $6 million in series A funding from Norwest Venture Partners and Foundation Capital.
The fund will be used for the development of the company's new investment platform, allowing customers to easily turn ideas into investments and will also be used for the expansion of the team. The company is set to launch in fall 2011 and is accepting beta users. Co-Founded by Hardeep Walia and Tariq Hilaly, the firm provides a new investing platform that enables customers to easily invest in ideas. The company aims to give power back to consumers who want an alternative to current retail investment opportunities.
Hardeep Walia, Co-Founder and CEO, Motif Investing, has over 15 years of executive management and entrepreneurial experience. Prior to co-founding Motif Investing, he was the CEO of a medical device startup that he led to a successful acquisition. He spent over six years at Microsoft, where he was the General Manager of Microsoft's $2 billion plus Enterprise Service business. He holds a BS in Economics and Engineering from Yale University and an MBA with Honors in Finance and Information Systems from the Wharton School of Business. He also holds the FINRA Series 7, 63 and 24 licenses.
Walia, said, "We aim to fill a desire by investors to invest in what they believe in versus what the financial industry sells. Our platform will dramatically shift the economics of retail investing and we are working closely with our seasoned team to bring this exciting platform to investors this fall."
Norwest Venture Partners is an investment firm that manages more than $3.7 billion corpus. Headquartered in Palo Alto, California, it has subsidiaries in Mumbai and Bangalore, India and Herzelia, Israel. The company makes early to late stage venture and growth equity investments in U.S. and global companies across a wide range of sectors including information technology, business services, financial services, infrastructure, technology enabled services and consumer. It have funded nearly 500 companies since its inception.
Sergio Monslave, Norwest Venture Partners and Motif Investing board member, said, "The meltdown of 2008 left consumers weary of financial markets and it was clear that change was needed. Motif's team approach to bringing a new investment platform to consumers who are looking for simple and exciting investment alternatives that provide more customer control at low costs is very exciting."
Foundation Capital is a venture capital firm, which targets innovative opportunities in cleantech, consumer Internet, and infrastructure; telecommunications and networking and enterprise software and on-demand services. They have investments in nearly 70 ventures including Calix, Financial Engines, Netflix and Silver Spring Networks.
Charles Moldow, General Partners at Foundation Capital and Motif Investing board member, said, "The financial services industry is ripe for disruption and opportunity. Motif's model will provide new opportunities to consumers and create a new platform and standard for the retial investment segment at a time when alternatives are desperately needed in the market place."
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