Propel Raises $12.8 Million in New Funding

Propel, a company that provides an app that makes managing food stamps and other government benefits easier has obtained new funding to expand its operations.

The startup raised $12.8 million in Series A funding, led by Nyca Partners, along with Andreesen Horowitz, Thirty Five Ventures, Kleiner Perkins Caufield and Byers and Omidar Network. The company raised $4 million in its seed round last year.

“Our investors are world-class experts in their respective fields. They share an understanding of the challenges of low-income Americans and a belief that Propel can build a massive business by fighting poverty,” said Propel CEO Jimmy Chen, in a blog statement. “We’re thrilled to have these partners on board.”

Propel’s app, Fresh EBT, is currently used by 1.5 million Americans every month to manage their benefits. It’s based in Brooklyn, NY.

Photo credit: Propel

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