Rocket Dollar IRA platform raises $8 million
The Series A funding round aims to increase the use of alternatives such as real estate and private equities in retirement accounts.
Rocket Dollar, an Austin, Texas-based self-directed retirement platform that helps people with individual retirement accounts and Simple 401(k)s invest in alternatives, has raised $8 million in Series A financing.
The round was led by Park West Asset Management with participation from Hyphen Capital, Amaranthine, Kraken Ventures and Primetime Partners. Existing investor Sure Ventures also participated, the company said in a release.
Rocket Dollar will use the funding to accelerate product development, enhance the customer experience, increase cybersecurity and expand investment education and content.
The company specializes in facilitating investments in alternatives including real estate, private equity, startups and cryptocurrency, within the framework of an IRA.
In addition, Rocket Dollar said Todd Ruppert, the former CEO and president of T. Rowe Price Global Investment Services, will join its advisory board.
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