Betterment, a New York City-based automated investing service, raised $60m in funding.
The round was led by Francisco Partners with participation from Bessemer Venture Partners, Menlo Ventures and Northwestern Mutual Capital. In conjunction with the funding, Peter Christodoulo of Francisco Partners joined Betterment’s board of directors.
The company intends to use the funds to develop new products.
Led by Jon Stein, Founder and CEO, Betterment provides an investing service which which offers a personalized, goal-based, globally diversified portfolio of ETFs. It uses a technology-enabled platform to allow people to manage, protect, and grow their wealth.
Launched in 2010, the company manages more than $1.4B of assets in tax-efficient, personalized portfolios for more than 65,000 customers.