Girls-Centered Roboadvisor Ellevest Raises $53 Million

• Girls-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 arms of girls.
• Ninety p.c of the traders within the Collection B spherical are ladies and underrepresented traders.

Girls-focused wealthtech startup Ellevest simply raised $53 million in Collection B funding to satisfy its mission to get extra money into the arms 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 traders Halogen Ventures, Cleo Capital, Stardust Fairness, The Enterprise Collective, Envestnet, in addition to the LGBTQIA+ funding syndicate Gaingels. Current traders 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 traders in at this time’s Collection B spherical are ladies and underrepresented traders. “What we’ve received right here is ladies investing, ladies investing in ladies, and ladies investing to assist ladies make investments,” the corporate said within the press launch.

“Ellevest was constructed by ladies, for girls. Additionally it is funded by ladies, with 360 ladies and underrepresented traders collaborating on this funding spherical. This group acknowledges that girls have been disproportionately shedding monetary floor, and that’s unhealthy information for all of us. Ellevest has a key function to play in addressing this difficulty: to assist ladies — 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 property beneath administration. The corporate will use at this time’s funding to deepen its choices, which at present 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 device 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.

Photograph by Anastasia Shuraeva