# Principly

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/principly

- Industry: Financial Services
- Headquarters: San Francisco, US
- Website: www.backer.com
- Total disclosed funding: $18M
- Latest round: Series A (Dec 19, 2023)
- Investors on record: 11

## About

Principly, Inc. is a U.S.-based company that specializes in education savings solutions, providing innovative 529 plan offerings that simplify the process for parents and guardians to manage funds for their children's education.Principly, Inc. is focused on providing education savings solutions through its user-friendly platform for 529 plans. Founded in 2015 in San Francisco, US, the company has completed 2 deals as of December 19, 2023. In its latest funding round, Series A, Principly, Inc. raised USD 9.5 mn led by WndrCo, bringing the total amount raised to USD 9.5 mn and the current company valuation to USD 14.284 mn. The company is led by CEO and founder Jordan Lee.Backer, a product of Principly, Inc., offers a modern 529 plan solution that allows parents and guardians to create and manage education savings funds efficiently. Users can open a 529 plan in minutes and facilitate contributions from family and friends to support future education expenses. The platform emphasizes ease of use with features such as paperless setup, automated contributions, and real-time savings projections, catering specifically to U.S. residents navigating the complexities of education funding.Backer generates revenue through a low monthly fee structure or a nominal charge of USD 1.99 per contribution, rather than taking a percentage of the savings in customer accounts. This model allows for a transparent and accessible way for families to save for education. Contributions can be made as one-time gifts or recurring donations, promoting collective funding for educational aspirations.With the recent Series A funding of USD 9.5 mn led by WndrCo on December 19, 2023, Principly, Inc. plans to enhance its platform. This funding will be utilized to improve user experience and expand the features offered. The company is focused on continuing to grow its presence in the U.S. education savings market and potentially exploring additional geographic regions in the future.

## Funding rounds

- Series A, Dec 19, 2023, $9.5M — WndrCo
- Seed, Apr 28, 2021, $8.4M — University of Southern California Endowment, Crosslink Capital, Expansion Capital, Correlation Ventures, Ulu Ventures, Great Oaks Venture Capital, Dartmouth College, Rally Ventures, Reach Capital, Princeton University

## Investors

- University of Southern California Endowment — Seed
- Crosslink Capital (https://capitalatlas.ai/funds/crosslink-capital) — Seed
- Expansion Capital — Seed
- Correlation Ventures (https://capitalatlas.ai/funds/correlation-ventures) — Seed
- Ulu Ventures (https://capitalatlas.ai/funds/ulu-ventures) — Seed
- Great Oaks Venture Capital (https://capitalatlas.ai/funds/great-oaks-venture-capital) — Seed
- Dartmouth College — Seed
- Rally Ventures (https://capitalatlas.ai/funds/rally-ventures) — Seed
- Reach Capital — Seed
- Princeton University — Seed
- WndrCo (https://capitalatlas.ai/funds/wndrco) — Series A