Newport Beach startup Acorns, established by OC investment banking pioneer Walter Cruttenden and his son Jeff, has launched an Android app in its efforts to bring microinvesting to the masses.
The free app on Google Play targets lower-income wage earners and younger workers. It allows users to invest small amounts of money—change on the dollar—without commissions or minimum balances—and can also round up credit and debit card purchases to the nearest dollar, investing that spare change.
The launch follows the successful August debut of the iOS version, which has amassed more than 60,000 downloads, according to the company. About a third of the users are younger than 23, and a quarter earn less than $25,000 annually.
The company secured $5.5 million in funding earlier this year from Wall Street lead backer Jacob Asset Management.
The fund manager bet on Walter’s track record, which dates back decades. He founded Cruttenden & Co. in 1984 and grew it into OC’s largest investment bank. It later became Cruttenden Roth, then Roth Capital, perhaps best known for the investment conference Walter launched 26 years ago. He ultimately exited the company, cashing out for more than $100 million.
The elder Cruttenden was also the founder and chief executive of E-Offering, the investment banking arm of Menlo Park-based E-Trade Group Inc., which became the top provider of online initial public offerings before its $328 million sale in 2000 to Wit Capital Group in New York.
Clean-Tech Star
Irvine-based Newlight Technologies was named OC Clean Tech Company of the Year at the conclusion of CleanTech OC 2014 Conference and Expo Oct. 8 at Hotel Irvine.
The company’s AirCarbon technology converts greenhouse gases into plastics used to make bags, furniture and a variety of other products.
The Business Journal reported in April that Newlight raised $9.2 million in a venture round, bringing its total funding to about $18.8 million. It’s looking to turn methane gas from farms, water treatment plants, and municipal landfills into thermoplastic materials comparable to polypropylene and polyethylene, the company said.
Newlight was established in 2003 through a joint partnership between Princeton University in New Jersey and Northwestern University in Evanston, Ill.
Lisa Varga, cofounder and chief executive of Phoenix Energy Technologies in Irvine, was also announced as the chair of Irvine-based CleanTech OC during the fifth annual event. More than 300 attended OC’s only dedicated conference covering the developing clean-tech segment.
“The Board of Directors has laid the groundwork for a breakout year in 2015,” said President Scott Kitcher. “We are extremely optimistic about the economic growth of the cleantech industry and integration of sustainability in Orange County.”
QLogic Joins Foundation
Aliso Viejo-based networking equipment maker QLogic Corp. has joined the OpenPOWER Foundation, an emerging development community with big-name members aiming to build advanced server, storage, acceleration and networking technology.
The company joins Google, IBM, Samsung and Costa Mesa rival Emulex Corp., among others, to deliver more flexibility, control and choice to developers of next-generation, hyperscale and cloud data centers.
