Online investment advisor Jemstep announced that it had gathered USD 4.5 million in capital commitments for its follow-up round for Series A funding. Existing investors and international private wealth advisory firm Caleo Capital participated in the round. The latest round brought to USD 15 million the funds raised by Jemstep. Proceeds of the round would be used to enhance the service they provide and to expand and hire key people to the team.
Jemstep had helped clients save more money for retirement. Jemstep President Simon Roy said, "In the last 8 months, Jemstep has identified over $1 billion additional money for retirement that users are leaving on the table. Jemstep's easy-to-use online portfolio management service guides users to institutional class advice to help them earn more on their retirement savings, reduce costly fees, and save on taxes."
Meanwhile, Jemstep hired Mark Richards to lead its product management division. A startup veteran in Silicon Valley, Richards co-founded NetMind, of which Nokia later acquired for USD 800 million. Before Jemstep, Richards worked with Sand Hill Partners.
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