[Jackson, Miss.] Bidmoni, Inc., a financial-services startup offering an online platform for connecting companies with 401k plans for their employees, has closed a round of angel funding led by the North Mississippi Angel Fund.
The investment will allow Moss Point, Miss.-based Bidmoni to add to its team of developers and take its marketing to “the next level,” CEO Stephen Daigle said, as the company seeks to grow the awareness and capabilities of its flagship service, FiduciaryShield.
“The folks at Innovate Mississippi were able to connect us to the full Mississippi Angel Network and we presented to the various groups.” Daigle said. “The North Mississippi Angel Fund in Starkville decided to invest, do due diligence, set the terms and allow other parties to build a round and get it closed.”
Fiduciary Shield offers an online marketplace for companies and 401k fund managers to connect with greater access and transparency than the 401k market has traditionally seen.
In 2019, Daigle and his team have added sales tools specifically aimed at financial advisors and wealth management groups, giving them an unprecedented set of tools for representing the interest of their clients as they evaluate 401k plans and efficiently shop for the best options.
“We now have advisors in every state,” said Daigle. “We’re in discussions with national firms to white-label or license our technology.”
With FiduciaryShield’s proprietary risk-factor report, financial advisors and corporate benefits managers can evaluate the risk in different plans and make a more informed decision about which is best for the employees they represent.
Daigle said that while the funding process was painful at times, it has allowed him to find investors who have relevant experience in the financial space and who aren’t just writing a check, but who can “open up doors,” as partners and not just funders.
“Especially at an early stage, you want to marry up with the right partners,” Daigle said. “You have to all see the vision.”
Bidmoni, Inc., is the company behind FiduciaryShield, a retirement-plan marketplace that allows for the employer, the plan provider, and the financial advisor to work in accordance with the best interests of the employee.
