Guideline, a US-based provider of retirement plans for businesses, has raised $200m in funding from investors including Propel Venture Partners, the venture capital firm established by financial services firm BBVA.
Growth equity firm General Atlantic led the round, which also featured investment firms Generation Investment Management and Greyhound Capital as well as VC firm Felicis Ventures.
Founded in 2015, Guideline provides 401(k) retirement plans for the employees of small and medium-sized businesses as well as the self-employed. It has served more than 20,000 companies and has over $4.5bn of assets under management through their retirement plans.
The proceeds of the round will be used to expand The company’s product offering. It has now received $344m altogether.
Generation Investment Management and Greyhound Capital co-led Guideline’s $80m series D round in July 2020, investing with Propel Venture Partners, Tiger Global Management, Felicis Ventures, Lerer Hippeau, Xfund and BoxGroup.
Tiger Global had previously led a $35m round for Guideline in 2018 that included Propel Venture Partners and Felicis Ventures.
The company had pulled in $15m in a Felicis Ventures-led round in 2017, after raising $7m in a series A round led by Propel Venture Partners and backed by New Enterprise Associates (NEA) and Lerer Hippeau the year before.
Guideline had already secured $2m of seed funding from NEA, Lerer Hippeau, SV Angel, Red Swan Ventures, BoxGroup, Xfund and 500 Startups in 2015.