binarypublishArbol, a financial wellness platform for college students, has raised an $850,000 pre-seed round, exceeding its original goal by $100,000. The round included participation from New York Ventures, Buffalo Innovation Seed Fund, Western New York Impact Investment Fund, Launch New York, and strategic angels with ties to higher education.
Arbol’s platform provides college students with a holistic view of their financial situations, access to campus resources, and incentives for financially healthy behavior. It also gives colleges real-time data to help students strategically. The funding will be used to add team members and onboard new customers.
Arbol currently has five colleges using its platform, and expects to double its number of customers by mid-next year based on its existing customer pipeline. The company plans to hire two engineers by late this year through mid-next year.
Arbol’s raising strategy involves patience and communication. The founders met with investors to share their plans, seek advice, and check in with them once milestones were reached. The startup also used social media, particularly Linkedin, to share real-time news.
Arbol is one of the 13 local companies in Buffalo that have raised private funding rounds this year.
