Blooom
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2013 |
| Founder | Chris Costello |
| Fate | Acquired by Morgan Stanley and discontinued |
Key people | Chris Costello (Founder and former CEO), Matt Burgener (CEO from 2018) |
| Products | Investment advisory services for IRAs and employer-sponsored retirement plans |
Number of employees | Reduced workforce in 2017 (exact number not specified) |
| Parent | Morgan Stanley (from December 2022) |
Blooom, commonly presented as "blooom", was a digital Registered Investment Adviser focused on overseeing individual participant accounts within IRAs and employer-sponsored retirement programs including 401(k), 403(b), and the TSP. Established in 2013 by Chris Costello, who acted as CEO, Blooom managed assets totaling $5 billion by January 2021. The firm was acquired by Morgan Stanley in December 2022 and subsequently discontinued its services.
Funding
In September 2015, the non-profit LaunchKC granted Blooom $50,000. The following month, Blooom secured $4 million in a Series A financing round led by QED Investors, at which point it managed over $110 million in assets under management (AUM). Additional participants in the Series A round were DST Systems, Commerce Ventures, Hyde Park Venture Partners, and UMB Financial Corporation. November 2015 saw Blooom win the “One in a Million” contest along with a $10,000 prize from the Ewing Marion Kauffman Foundation.
By early 2017, Blooom raised $9.15 million in a Series B funding round and surpassed $500 million AUM. That year marked a strategic pivot from business-to-business to direct consumer services, leading to workforce reductions and President Greg Smith stepping down. SEC filings from September 2017 indicated that Blooom had grown its AUM beyond $1 billion. In February 2018, Matt Burgener succeeded co-founder Chris Costello as CEO to enhance the company’s expansion and market positioning.