💸 Billion Dollar Business Ideas (#2)
Build a retirement management platform like Penelope
Hi! 👋
My name is Jaisal and I started this newsletter to help you find inspiration & discover billion dollar business ideas that you should steal for your next startup.
💸 Business Idea: Build a retirement management platform like Penelope
Penelope is a 401(k) platform that gives small businesses an affordable and east-to-use way to provide retirement benefits. The team has built a self-service retirement platform that allows users to manage their own retirement funds. The idea is simple - let employees manage their retirement savings without the hassle, 30-40 pages of unnecessary jargon or any hidden charges.
💰 Funding: Raised ~$2.1M Pre-Seed in March’22 from Slauson & Co, City Ventures, Wells Fargo, Amplify L.A. and others.
👾 Founders: Jean Smart (Founder & CEO)
🌍 Location: New York City, USA
🗓 Launched in: 2021
🤑 Business Model: Penelope makes money via Subscriptions, charging a $500 one-time set-up fee, along with $125 for a monthly subscription and around $8 in monthly fees (per employee).
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Billion Dollar Business Ideas (#1)