Ellevest raises $33m from high profile female investors
Female-focused digital investment platform Ellevest has raised $33 million in a new funding round led by Rethink Impact and PSP Growth, reports Jane Connolly.
According to TechCrunch, the platform – designed to help women meet their financial goals – attracted investment from high profile sources, including: Melinda Gates’ investment fund Pivotal Ventures, PayPal, Mastercard, Wynn Resorts co-founder Elaine Wynn, former Google and Alphabet chairman Eric Schmidt, ex-aide to President Obama, Valerie Jarrett, and Gingerbread Capital, which was founded by Linnea Roberts.
Founded in 2016 by former Citigroup CFO Sallie Krawcheck, Ellevest was designed to help women make investment decisions while taking into account the differences between women’s and men’s financial lives. These specifics could include salary differentials, career breaks to have children, salary arcs and the fact that women typically live longer than men.
The company previously raised $10 million in seed funding and has clients in all 50 states and Puerto Rico. Now the new funding will be used to accelerate growth by investing in technology, expanding its product categories and increasing its financial education offerings.
Melinda Gates says: “When the status quo isn’t meeting women’s needs, it deserves to be disrupted and that’s what this platform created by women for women aims to do.”
Ellevest recently launched the Ellevest Private Wealth Management for high-net-worth clients and has $100 million in assets under management. The new premium service connects clients with executive coaches and certified financial planners.