View source for Blooom

{{Infobox company
| name = blooom
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| type = [[Private company|Private]]
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| industry = [[Investment|Investment services]]
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| fate = merged into [[Morgan Stanley]]
| predecessor = <!-- or: | predecessors = -->
| successor = Morgan Stanley
| founded = {{start date|2013|03}} in [[Overland Park]], [[Kansas]], [[United States]]
| founders = Chris Costello<br/>Kevin Conard<br/>Randy AufDerHeide
| defunct = {{end date|2022|12|31}}
| hq_location =
| hq_location_city = [[Leawood, Kansas]]
| hq_location_country = [[United States]]
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| aum = $5 Billion<ref name=adv>{{cite web|last1=Securities and Exchange Commission|title=Uniform Application For Investment Advisor Registration And Report By Exempt Reporting Advisers|url=https://reports.adviserinfo.sec.gov/reports/ADV/168604/PDF/168604.pdf|website=Securities and Exchange Commission|accessdate=7 March 2021}}</ref>
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| num_employees = 17<ref name=IRAmarket>{{cite web|title=Founder Costello steers Blooom into $10T IRA market|url=https://www.bizjournals.com/kansascity/news/2020/01/15/blooom-costello-ira-financial-planning.html|website=Kansas City Business Journal|accessdate=2 September 2020}}</ref>
| num_employees_year = 2017
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| ratio = <!-- Basel III ratio, for BANKS ONLY -->
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| website = {{URL|blooom.com}}
}}
'''Blooom''', often stylized as "blooom", was an online [[Registered Investment Adviser]] that managed individual participant accounts in [[Individual retirement account|IRAs]] and in employer sponsored retirement plans such as [[401(k)]], [[403(b)]], or [[Thrift Savings Plan|TSP]]. The company was founded in 2013 by Chris Costello, who served as chief executive officer. In January 2021, Blooom managed $5 billion in assets.<ref name="adv" /> In December 2022, it was purchased by [[Morgan Stanley]] and ceased operation.<ref>{{Cite news |last=Welsch |first=Andrew |date=December 5, 2022 |title=Morgan Stanley Buys Technology, Hires Entire Staff of Robo-Advisor Blooom |language=en-US |work=Barron's |url=https://www.barrons.com/advisor/articles/morgan-stanley-blooom-robo-advisor-51670275388 |access-date=2023-01-06}}</ref>
== Funding ==
Non-profit organization, LaunchKC, awarded Blooom a $50,000 grant in September 2015.<ref>{{cite web|last1=Hurd|first1=Mike|title=Techweek: LaunchKC crowns 10 grant recipients|url=http://www.launchkc.org/techweek-launchkc-crowns-10-grant-recipients/|website=LaunchKC|accessdate=3 August 2016}}</ref> In October 2015, Blooom closed a $4 million Series A funding round led by QED Investors and had over $110 million in [[assets under management]] (AUM).<ref name=siliconprairienews>{{cite web|last1=Pendell|first1=Ryan|title=blooom raises $4 million in Series A, led by QED|url=http://siliconprairienews.com/2015/10/blooom-raises-4-million-in-series-a-led-by-qed/|website=Silicon Prairie News|accessdate=3 August 2016}}</ref> Additional Series A investors included [[DST Systems]], Commerce Ventures, Hyde Park Venture Partners, and [[UMB Financial Corporation]].<ref>{{cite web|last1=Dornbrook|first1=James|title=Blooom's $4M fundraising effort includes local investors|url=http://www.bizjournals.com/kansascity/blog/bizventures-kc/2015/10/blooom-series-a-investors.html|website=Kansas City Business Journal|accessdate=3 August 2016}}</ref> In November 2015, the company won the “One in a Million” competition and corresponding $10,000 award from the [[Ewing Marion Kauffman Foundation]], a not for profit organization.<ref>{{cite web|title=blooom is Named 'One in a Million' in Kauffman Foundation's Startup Competition|url=http://www.kauffman.org/newsroom/2015/11/blooom-is-named-one-in-a-million-in-kauffman-foundations-startup-competition|website=Ewing Marion Kauffman Foundation|accessdate=3 August 2016}}</ref>
A $9.15 million Series B funding round was completed in early 2017, and the company had reached $500 million in AUM.<ref name=bizjournal500>{{cite web|last1=Dornbrook|first1=James|title=Blooom raises $9.15M, surpasses $500M in AUM|url=http://www.bizjournals.com/kansascity/news/2017/02/06/blooom-series-b-financing.html|website=Kansas City Business Journal|accessdate=4 March 2017}}</ref> Blooom announced a layoff of staff and a refocus of the company away from business-to-business and instead of business-to-client. This April 2017 change also involved the resignation of President, [[Greg Smith (businessman)|Greg Smith]].<ref name=startlandlayoff>{{cite web|last1=Birch|first1=Bobby|title=Blooom announces layoffs, new strategic focus on consumers|url=http://www.startlandnews.com/2017/05/blooom-announces-layoffs-new-strategic-focus-on-consumers/|website=Startland News|accessdate=9 October 2017}}</ref> By September 28, 2017, Blooom's Securities and Exchange Commission (SEC) ADV filings showed they had surpassed $1 billion in AUM. A change in leadership occurred in February 2018, as Matt Burgener replaced co-founder, Chris Costello, as CEO.<ref name=ceochange>{{cite web|last1=Wankum|first1=Leah|title=Blooom CEO switch better allows Costello to 'evangelize' high-profile KC startup|url=http://www.startlandnews.com/2018/02/blooom-ceo-costello-burgener/|website=Startland News|accessdate=13 March 2018}}</ref>
== References ==
{{Reflist}}
== External links ==
* {{Official website|http://www.blooom.com}}
<!--- Categories --->
[[Category:Financial services companies established in 2013]]
[[Category:American companies established in 2013]]
[[Category:Companies based in Kansas]]
[[Category:Financial services companies of the United States]]
[[Category:Companies based in the Kansas City metropolitan area]]
[[Category:2013 establishments in Kansas]]