Investment Round Fuels Nestimate’s Retirement Income Focus
Nestimate today announced the successful closing of $3M in funding that will accelerate the analytics platform’s mission to democratize access to lifetime income solutions within defined contribution retirement plans, enabling broader adoption of guaranteed retirement income across the industry.
“We are thrilled to partner with investors who understand the urgent need to equip fiduciaries with the ability to activate retirement income in a 401(k) plan.”
Nestimate’s Kelby Meyers
“We are thrilled to partner with investors who understand the urgent need to equip fiduciaries with the ability to activate retirement income in a 401(k) plan,” said Kelby Meyers, CEO and founder of Lincoln, Neb.-based Nestimate. “This capital enables us to ramp up product development, scale our customer support capabilities, and expand into new frontiers of retirement. This is really the beginning. Securing the future of retirees, who for the first time will predominantly enter retirement without a pension, is at stake.”
The round was led by S3 Ventures, with additional participation from PruVen Capital, TIAA Ventures, and Invest Nebraska.
“The recognition and adoption the company has received from the leading financial institutions indicates their ability to support the 401(k) industry’s transition from retirement savings plans to true plans for retirement,” said Charlie Plauche, General Partner at S3 Ventures. “Nestimate breaks through the inertia that currently exists in adding retirement income to a plan. The company is at the forefront of modernizing the ‘pension’ for today’s worker.”
Nestimate provides analytics, evaluation, and modeling solutions to help plan fiduciaries evaluate retirement income strategies with precision. The company serves retirement plan advisors, consultants, plan sponsors, recordkeepers, and insurers.
“The prospect of outliving their savings is the No. 1 fear that Americans face. The advisor or consultant who can successfully address and navigate this dilemma—and provide the solutions to alleviate it—is going to differentiate themselves from the pack,” Meyers said.
“TIAA’s commitment to secure retirements through our promise of lifetime income is uniquely aligned with Nestimate’s experience and mission to democratize access to retirement income, especially as we see interest in guaranteed solutions increase. We’re excited to work with Kelby and his team to offer more Americans financial security through retirement,” said Wayne Baker, Chief Investment Officer at TIAA Ventures.
“At PruVen, we back companies that solve the most urgent challenges for financial institutions and retirement income is at the top of that list. Nestimate fills a critical gap with the analytics, due diligence, and education fiduciaries need to confidently deliver guaranteed income solutions. What gives us even more conviction is that several of our LP partners are already working with Nestimate, underscoring both the market demand and the strength of the platform,” said Travis Skelly, Partner at PruVen Capital.
SEE ALSO:
• Nestimate Introduces In-Plan Annuity Evaluation Tool
• Nestimate Debuts Software Solution for In-Plan Guaranteed Income Products
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
