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Zero-fee stock trading app Robinhood is getting some product firepower as it dives into cryptocurrency and weighs platform aspirations. Investor Josh Elman will join Robinhood as its VP of product while remaining a partner at Greylock.
With 4 million registered users, $176 million raised and a $1.3 billion valuation, the five-year-old fintech startup is shifting from a period of finding product-market fit to building a serious business. Elman’s experience with rapidly rising companies like Facebook, Twitter and LinkedIn could help guide Robinhood toward maturity.
January - Partners - Decade - Life - Product
“In January, I started talking with a few of my partners about how I want to spend the next decade of my professional life. What gets me the most energized is when I can dig in on product with a hyper-growth company. To that end, I’m joining Robinhood to lead product, where we will continue building powerful tools to give everyone broader access to our financial system,” Elman tells TechCrunch. “I am going to continue my role at Greylock as a venture partner, and will continue to represent Greylock on the boards in my portfolio. I am grateful to my partners for their support, and excited for what is next.”
Greylock has always been known as a fund run by veteran operators like Reid Hoffman, who joined as a partner while still the CEO of LinkedIn . A Greylock spokesperson tells me, “Josh is a sharp product-thinker who has backed excellent entrepreneurs and innovative companies that we are proud to have as part of the Greylock portfolio. We are supportive of Josh as he takes on this new operating role, and look forward to continuing our work with him as a venture partner.”
Role - Conflicts - Greylock - Cryptocurrency - Exchange
The new role could create some conflicts, though. Greylock recently invested in cryptocurrency exchange Coinbase’s August Series D. But Robinhood just launched its own cryptocurrency trading platform...
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