- Women-focused roboadvisor Ellevest received a $53 million Series B investment, bringing its total funding to $153 million.
- The company will use the funds to deepen its offerings and to help fulfill its goal of getting more money into the hands of women.
- Ninety percent of the investors in the Series B round are women and underrepresented investors.
BMO and Contour Venture Partners co-led the round, which brings the company’s total funding to $153 million. Contributions also came from new investors Halogen Ventures, Cleo Capital, Stardust Equity, The Venture Collective, Envestnet, as well as the LGBTQIA+ investment syndicate Gaingels. Existing investors Pivotal Ventures, Venture Fund, Khosla, AME Cloud Ventures, Rethink Impact SPV, Salesforce Ventures, PayPal Ventures, and Allianz Life Insurance Company of North America also contributed.
Ninety percent of the investors in today’s Series B round are women and underrepresented investors. “What we’ve got here is women investing, women investing in women, and women investing to help women invest,” the company stated in the press release.
“Ellevest was built by women, for women. It is also funded by women, with 360 women and underrepresented investors participating in this funding round. This group recognizes that women have been disproportionately losing financial ground, and that’s bad news for all of us. Ellevest has a key role to play in addressing this issue: to help women — and their families — rewrite their financial narratives and thrive,” said Ellevest CEO Sallie Krawcheck.
Founded in 2014 by Krawcheck, Ellevest has grown to $1.44 billion in assets under management. The company will use today’s investment to deepen its offerings, which currently consists of a roboadvisor, financial and career coaching, insurance, and a digital bank with a debit card that offers a savings roundup tool and cashback rewards.
In addition to its financial products and services, Ellevest also serves financial content to its community of three million members, a number that includes Sallie Krawcheck’s connections on LinkedIn and Ellevest’s followers on Instagram.