Whether a client business owner asks an advisor to create or manage a 401(k) plan for their company or an advisor decides to add retirement plan management as an offering of their practice—it is seldom easy to accomplish.
This week, Aboon, an artificial intelligence-powered platform built from the ground up to make it easier for financial advisors to help their business owner clients launch and manage 401(k) plans, announced it has raised $17.5 million in seed funding.
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While the round was led by Bain Capital Ventures, other firms including Altai Ventures, Runyon, Edward Jones Ventures, Outpost Ventures and EJF Ventures also participated.
“We see it as a blue-sky opportunity,” said Nick Gavronsky, CEO and co-founder of Aboon, who said that the name itself was a play on words, that it could represent “a boon” for advisors and business-owning clients alike.
“There is a huge opportunity with millions of businesses out there, many of them sole proprietorships, and more and more of them are looking for better tools to run their businesses,” he said, noting that the funding will go toward further building out its platform and automation capabilities, expanding integrations with advisory firms, and adding to the range of retirement products it supports.
Part of Gavronsky’s inspiration for founding Aboon in 2023 with COO Amy Ouellette came from his father’s experiences. He emigrated from South Africa, where he had run small businesses and did so again in the U.S., but was never able to offer a retirement plan for his employees due to the complexity of the process and lack of affordable plans.
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