Ex-Vanguard CEO Joins VC Firm as Advisor
While joining the Altruist board in 2021, McNabb made an investment in the Los Angeles-based digital brokerage firm. Altruist provides custodial and clearing services, as well as investing and other tools; it is pushing to compete with larger players in the field, such as Charles Schwab,
Venrock led the Altruist funding round and included what Altruist said at the time was “significant participation” from personal investments by McNabb and Ron Carson, CEO and chairman of Carson Group, as well as an unidentified strategic third-party investor.
In August 2021, Vanilla announced it raised $11.6 million in a Series A funding round led by Venrock. McNabb was among the participants in the capital raise and joined Vanilla’s board at the time.
McNabb “continues to have a passion for emerging technology on the cutting edge of wealth management,” Venrock said.
“Entrepreneurs need every edge they can get to build a large, sustainable business,” Venrock said. The firm’s team “has a long history of rolling up our sleeves to provide every advantage possible to our portfolio, including expanding our team with advisors who are leaders and innovators in their field and can accelerate a company’s trajectory,” it added.
