Motley Fool, the multimedia personal finance company, has secured a $30m second round of financing from US investors Softbank Finance Group, AOL Time Warner Ventures, Maveron and Mayfield Fund.
The Fool has gained popularity by offering financial advice in an irreverent manner, aiming to cut through any jargon to make financial terms clear to everyone. The investment will be used on the development of Motley Fool’s operations in the UK and the US.
David Gardner, who co-founded The Motley Fool with his brother Tom in 1994, said: “We’re fortunate to have such Foolish partners as Maveron, Mayfield, AOL Time Warner and Softbank. The Fool is almost seven years old but in so many ways we’re just getting started.”
The finance company started out as a newsletter in 1999 which had just 60 readers. It now reaches an estimated 30m people monthly in the US and the UK. It produces books, radio programmes in the US and online financial education products and services.
Len Leader, president of AOL Time Warner Ventures, said: “The Motley Fool’s community of devotees has grown steadily ever since the Gardner Brothers first began offering their unorthodox personal finance content, tools and services. Since their launch in 1994, no-one has been able to put together brand integrity and community spirit quite like the Motley Fool. Their continued success is a credit to their unique style.”