Point72 Ventures invests in micro-investing start-up Acorns
Point72 Ventures, the venture capital arm of hedge fund mogul Steve Cohen's Point72 Asset Management, has invested $2m in start-up Acorns. The deal was part of a $30m funding round, led by PayPal. Micro-investing firm Acorns offers its 1.3 million customers the chance to turn their "pocket change into compounding returns" by linking their debit cards to the Acorn platform.

Steve Cohen may have found a way to reach cash-strapped millennial investors.

The hedge-fund mogul, whose net worth is said to be $13 billion, has invested $2 million in micro-investing startup Acorns, Point72 Asset Management, his Conn. firm, said on Tuesday.

The investment was made in April through Cohen’s Point72 Ventures, the firm’s venture capital arm, and was part of a $30 million funding round led by PayPal.

Acorns allows customers to convert pocket change into compounding returns.

Its 1.3 million customers — of which 75 percent are millennials — link their debit cards to Acorns’ platform and their daily purchases are rounded up to the nearest dollar.

That difference is then invested into a portfolio of low-cost ETFs.