California-based web startup that allows investors to buy baskets of stocks based on themes, Motif, raised US$25 million in a financing round led by the Goldman Sachs Group Inc.
Darren Cohen who leads Goldman’s principal strategic investments group is joining Motif’s board as an observer. Existing investors such as Foundation Capital, Ignition Partners and Norwest Venture Partners, reportedly, contributed to the round.
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Cohen said Motif "has taken an innovative approach to traditional investing."
Motif offers custom-made and user-generated funds of up to 30 stocks for approximately US$10. Founded in 2010, Motif offers online products for investors that are designed to lower the cost of trading while avoiding high-priced, poor-performing mutual funds.
With the additional financing, Motif is rolling out the software to investment advisors, giving them products to offer clients without management fees attached.
The Goldman Sachs group leading the investment is part of the bank’s securities division and backs financial-technology startups and market structure-related companies. Previous investments include the London Metal Exchange and Broadway Technology LLC, a provider of electronic-trading systems.
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