Wealthfront, a Palo Alto, CA-based SEC-registered, software-based financial advisor, closed a $20m second financing round.
The round was led by Mike Volpi of Index Ventures, joined by Chamath Palihapitiya of The Social+Capital Partnership, Reid Hoffman of Greylock Partners and existing investor John Cadeddu of DAG Ventures as well as individuals including Matt Mullenweg, Andy Dunn, Adam D’Angelo, Michael Schroepfer, Hunter Walk, Cipora Herman, and Satya Patel, among others.
The company intends to use the capital to grow its product and engineering team.
Led by Andy Rachleff, President and CEO, Burton Malkiel, Chief Investment Officer, Adam Nash, Chief Operating Officer, and Daniel Carroll, Founder and CSO, Wealthfront combines financial expertise and technology to provide sophisticated investment management. Its service manages a personalized online investment account for clients that is fully diversified and periodically rebalanced – all with a low minimum balance of $5,000. They support individual, joint, and trust taxable accounts, traditional, roth, SEP retirement accounts (IRAs), and 401(k) rollover accounts.