- Ladies-focused roboadvisor Ellevest obtained a $53 million Collection B funding, bringing its complete funding to $153 million.
- The corporate will use the funds to deepen its choices and to assist fulfill its purpose of getting extra money into the fingers of girls.
- Ninety p.c of the buyers within the Collection B spherical are girls and underrepresented buyers.
Ladies-focused wealthtech startup Ellevest simply raised $53 million in Collection B funding to satisfy its mission to get extra money into the fingers of girls.
BMO and Contour Enterprise Companions co-led the spherical, which brings the corporate’s complete funding to $153 million. Contributions additionally got here from new buyers Halogen Ventures, Cleo Capital, Stardust Fairness, The Enterprise Collective, Envestnet, in addition to the LGBTQIA+ funding syndicate Gaingels. Current buyers Pivotal Ventures, Enterprise Fund, Khosla, AME Cloud Ventures, Rethink Affect SPV, Salesforce Ventures, PayPal Ventures, and Allianz Life Insurance coverage Firm of North America additionally contributed.
Ninety p.c of the buyers in right now’s Collection B spherical are girls and underrepresented buyers. “What we’ve received right here is girls investing, girls investing in girls, and girls investing to assist girls make investments,” the corporate said within the press launch.
“Ellevest was constructed by girls, for ladies. It’s also funded by girls, with 360 girls and underrepresented buyers collaborating on this funding spherical. This group acknowledges that ladies have been disproportionately dropping monetary floor, and that’s dangerous information for all of us. Ellevest has a key function to play in addressing this situation: to assist girls — and their households — rewrite their monetary narratives and thrive,” stated Ellevest CEO Sallie Krawcheck.
Based in 2014 by Krawcheck, Ellevest has grown to $1.44 billion in belongings underneath administration. The corporate will use right now’s funding to deepen its choices, which presently consists of a roboadvisor, monetary and profession teaching, insurance coverage, and a digital financial institution with a debit card that gives a financial savings roundup software and cashback rewards.
Along with its monetary services and products, Ellevest additionally serves monetary content material to its neighborhood of three million members, a quantity that features Sallie Krawcheck’s connections on LinkedIn and Ellevest’s followers on Instagram.
Picture by Anastasia Shuraeva