New venture bank launches with more than $131M from investors
NEW YORK, July 10, 2019 /PRNewswire/ -- Grasshopper Bank, the new commercial venture bank built for innovation economy companies and the venture capital firms that fund them, has received an investment from Golden Seeds, the prominent national angel investor network, as part of its $116M private placement round. The investment will support Grasshopper Bank's entry into New York's growing entrepreneurial economy, delivering customers highly efficient banking services driven by the latest technology.
Grasshopper Bank opened for a select group of initial clients on May 13, 2019. It raised over $131 million in initial funding, believed to be the largest capital raise for a start-up bank in the United States.
Golden Seeds is one of the largest angel investing networks in the country with nearly 300 members nationwide actively working to screen companies, conduct due diligence, and mentor entrepreneurs. The firm has invested over $120 million with over 150 companies since 2005.
"Our investors worked with Grasshopper's CEO Judith Erwin to analyze and understand her business strategy," said Peggy Wallace, Managing Partner at Golden Seeds. "They view her as a visionary leader, well equipped to disrupt venture banking with new digital solutions."
According to the International Monetary Fund, women occupy less than 2% of bank CEO positions and less than 20% of board seats worldwide
"Golden Seeds was one of the first organizations to identify the potential of women-led companies, and today serves as a leader in investing in these companies," added Judith Erwin, CEO of Grasshopper Bank. "Their market experience working with fintechs and other entrepreneurial companies is strategically valuable to Grasshopper beyond the financial support provided.
About Grasshopper Bancorp, Inc.
Grasshopper Bancorp, Inc. is a Delaware chartered corporation and the bank holding company of Grasshopper Bank, N.A. The Bank is a national bank offering a full array of commercial banking products to innovation economy companies and the venture capital firms that fund such companies. Based in New York City, the second largest venture capital funding center in the U.S., Grasshopper Bank delivers cloud-based banking solutions and financial services that enable the leadership of innovative, emerging, and established companies more efficiently address the day-to-day challenges of their financial operations.
About Golden Seeds
Golden Seeds is an investment firm that invests in women-led companies throughout the US. It offers an environment in which promising, women-led businesses receive capital and connections to grow and successfully exit. The group is headquartered in New York City, with active chapters in Atlanta, Boston, Dallas, Houston, and Silicon Valley. One of the largest angel networks in the United States, Golden Seeds has nearly 300 members nationwide and has invested over $120 million in more than 150 companies. Additionally, the organization has a relationship with three funds whose committed capital exceeds $40 million. www.goldenseeds.com