Ellevest, a NYC-based digital investment platform for women, closed a $33m funding round.
The round was led by Rethink Impact and PSP Growth with participation from new investors Pivotal Ventures, the investment and incubation company founded by Melinda Gates; PayPal; Elaine Wynn, co-founder of Wynn Resorts; Eric Schmidt, former executive chairman of Google and Alphabet; Valerie Jarrett; Gingerbread Capital (founded by Linnea Roberts); Mastercard and returning investors Aspect Ventures, Khosla Ventures, Morningstar, Astia Angels, Creditease Fintech Investment Fund, and Ulu Ventures.
The company intends to use the funds to accelerate its growth — including investing in its technology, expanding into new product categories, and working with women to develop new, non-boring financial education.
Led by Sallie Krawcheck, co-founder and chief executive officer, Ellevest is a financial technology company for women to achieve their financial potential through low-cost investing. From a gender-smart investing algorithm for digital-only customers to bespoke portfolios for private wealth clients, the company also provides the option to invest for impact and in other women.
The funding follows fast growth in several new product areas, including Ellevest Private Wealth Management, designed for high net worth clients — which hit the milestone of $100 million in assets under management — and a Premium service, which gives women access to a team of Executive Coaches and CERTIFIED FINANCIAL PLANNER™ pros so they can take their career and money goals to the next level.