This week, we would like to announce that we have closed on $8 million+ in Series A funding. The round was led by Core Innovation Capital and included participation from Pear VC, Avalon Ventures, Ulu Ventures, Nimble Ventures, Stanford StartX Fund, WTI and Slow VC. Proceeds from the financing are being used to build on our success in serving professional athletes and deepening our offerings for entrepreneurs, MBA students and business professionals. Proceeds from the financing will be used to build on our success in serving professional assets and deepening our offerings for entrepreneurs, MBA students and business professionals.
Pando offers a unique product for those who want to take greater control over their career outcomes by incorporating the tried-and-true benefits of diversification. The solution is called pooling.
“We built a financial tool for an economy that’s increasingly characterized by winner-take-most professions,” says CEO Charlie Olson. “It seemed strange to us that so many talented individuals were taking incredible risk with their greatest asset: the ability to earn future income from their chosen career.”
Co-founder Eric Lax further added, “You will not see any venture capital firms touting a single investment as their portfolio strategy. Why, then, do we see this behavior with entrepreneurs, business professionals and athletes? Why should they alone limit themselves to their individual career earnings?”
“You will not see any venture capital firms touting a single investment as their portfolio strategy. Why, then, do we see this behavior with entrepreneurs, business professionals and athletes? Why should they alone limit themselves to their individual career earnings?”
Pooling enables a group of individuals to join forces and contractually pledge a modest portion of their future earnings — above a hurdle — to a shared pool. Total pool distributions are distributed equally. Pooling gives the benefits of diversification, spreading risk and providing upside if someone else in the pool becomes a superstar. For certain groups of people, there are powerful community benefits too, as there is a motivation to support each other in their quest for success.
In commenting on the financing, Pando board member and Managing Partner of Core Innovation Capital, Kat Utecht, said, “Unfortunately, as we’re experiencing most acutely in our current environment, there’s an element of career volatility that is systemic and beyond our control. When personal or societal crises occur, our instinct is to lean on community and those we believe in most. Our investment in Pando was propelled by this unique insight and their novel approach to transforming this insight into a compelling business.”
“Unfortunately, as we’re experiencing most acutely in our current environment, there’s an element of career volatility that is systemic and beyond our control. When personal or societal crises occur, our instinct is to lean on community and those we believe in most.”
Pear VC’s Mar Hershenson further amplified the need for pooling among entrepreneurs, “As a former entrepreneur who now spends the majority of my hours working with them, the prospect of creating pools of tomorrow’s business leaders is uniquely powerful. I can’t think of another product that allows you to share in the upside of people you believe in, spread personal risk, and boost community support. Obviously, we believe this is a terrific opportunity for Pando, but perhaps, it’s an even bigger opportunity for entrepreneurs and other business professionals to join with trusted peers who are on track to make a dent in the universe.”
