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Blooom

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This is an old revision of this page, as edited by RayChrysler (talk | contribs) at 21:42, 3 September 2020 (Updated about section with founded date, founder name and role.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

blooom
Company typePrivate
IndustryInvestment services
FoundedMarch 2013 (2013-03) in Overland Park, Kansas, United States
FoundersChris Costello
Kevin Conard
Randy AufDerHeide
Headquarters
Leawood, Kansas
,
United States
AUM$4 Billion[1]
Number of employees
17[2] (2017)
Websiteblooom.com

Blooom, often stylized as "blooom", is an online Registered Investment Adviser that manages individual participant accounts in employer sponsored retirement plans such as 401(k), 403(b), TSP, or IRA. The company was founded in 2013 by Chris Costello, who now serves as chief executive officer. As of January 2020, Blooom manages $4.2 billion in assets.[3]

Funding

Non-profit organization, LaunchKC, awarded Blooom a $50,000 grant in September 2015.[4] In October 2015, Blooom closed a $4 million Series A funding round led by QED Investors and had over $110 million in assets under management (AUM).[5] Additional Series A investors included DST Systems, Commerce Ventures, Hyde Park Venture Partners, and UMB Financial Corporation.[6] In November 2015, the company won the “One in a Million” competition and corresponding $10,000 award from the Ewing Marion Kauffman Foundation, a not for profit organization.[7]

A $9.15 million Series B funding round was completed in early 2017, and the company had reached $500 million in AUM.[8] Blooom announced a layoff of staff and a refocus of the company away from business-to-business and instead to business-to-client. This April 2017 change also involved the resignation of President, Greg Smith.[9] By September 28, 2017, Blooom's Securities and Exchange Commission (SEC) ADV filings showed they had surpassed $1 billion in AUM. A change in leadership occurred in February 2018, as Matt Burgener replaced co-founder, Chris Costello, as CEO.[10]

References

  1. ^ Securities and Exchange Commission. "Uniform Application For Investment Advisor Registration And Report By Exempt Reporting Advisers". Securities and Exchange Commission. Retrieved 8 January 2020.
  2. ^ "Founder Costello steers Blooom into $10T IRA market". Kansas City Business Journal. Retrieved 02 September 2020. {{cite web}}: Check date values in: |accessdate= (help)
  3. ^ "Founder Costello steers Blooom into $10T IRA market". www.bizjournals.com. Retrieved 2020-09-03.{{cite web}}: CS1 maint: url-status (link)
  4. ^ Hurd, Mike. "Techweek: LaunchKC crowns 10 grant recipients". LaunchKC. Retrieved 3 August 2016.
  5. ^ Pendell, Ryan. "blooom raises $4 million in Series A, led by QED". Silicon Prairie News. Retrieved 3 August 2016.
  6. ^ Dornbrook, James. "Blooom's $4M fundraising effort includes local investors". Kansas City Business Journal. Retrieved 3 August 2016.
  7. ^ "blooom is Named 'One in a Million' in Kauffman Foundation's Startup Competition". Ewing Marion Kauffman Foundation. Retrieved 3 August 2016.
  8. ^ Dornbrook, James. "Blooom raises $9.15M, surpasses $500M in AUM". Kansas City Business Journal. Retrieved 4 March 2017.
  9. ^ Birch, Bobby. "Blooom announces layoffs, new strategic focus on consumers". Startland News. Retrieved 9 October 2017.
  10. ^ Cite error: The named reference ceochange was invoked but never defined (see the help page).
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