Ensemble raises $3M to help divorced parents avoid arguing about money
At the age of 14, Jacklyn Rome saw firsthand how divorce can impact families, and how arguing about finances both during and after the process can impact children.
The experience stuck with her. As an adult, after leading new product launches at Uber and Blue Apron, Rome came up with the concept behind her startup, Ensemble. The expense tracking app quietly launched in the App Store in 2020 with the mission of reducing tension among co-parents and making sure kids’ needs aren’t negatively impacted by a divorce.
Today, Ensemble is coming out of stealth with $3 million in seed funding from TTV Capital, Lerer Hippeau and Citi Ventures.
Put simply, Ensemble’s mission is to improve the lives of co-parents and their children by giving parents a streamlined way to track shared expenses.
“Most co-parents either figure out finances on their own ad hoc or rely on child support payments — however, child support only covers food, shelter and clothing, which is only half of the cost of raising a child,” Rome points out. The other half of expenses, including medical bills, extracurricular activities, transportation, etc., often end up being discussed by co-parents via text messages and spreadsheets.
Ensemble kicked off a six-month pilot in January 2020, when the credit-first version of the app went live. In April 2020, the dual functionality version — where two parents could connect their accounts — went live.
Since its App store launch last (Read more...)