Palo Alto based platform for organizing future earnings for people in high volatility careers raised $8m in Series A funding led by Core Innovation Capital.
The company is using the funds to develop offerings for entrepreneurs, MBA students and business professionals. Started by two graduates from Stanford Graduate School of Business, Charlie Olson and Eric Lax, Pando provides professional athletes, specifically professional baseball players with a system which enables a group of individuals to come together and contractually pledge a small portion of future earnings – above a hurdle – to a shared pool. Total pool distributions are distributed equally. Pooling gives the benefits of diversification, spreading risk and providing upside if someone else in the pool becomes a superstar.