Total amount raised
$153.4 Millions
Latest funding date
4/1/2022
Location
Ellevest has successfully raised significant funding through multiple rounds, with its latest being a Series B round. The platform is dedicated to providing financial services tailored to help women achieve their financial goals.
Keep reading to explore the intricacies of Ellevest's fundraising journey and the investors backing this innovative platform.
What Is Ellevest?
Ellevest, founded in 2014 by Charlie Kroll and Sallie Krawcheck, is a financial services company based in New York, New York. The company focuses on providing an engaging investing experience tailored to help women meet their financial goals.
Ellevest offers a range of services including digital investing, private wealth management, impact portfolios, financial planning sessions, and retirement accounts. These services are designed to address the unique financial challenges women face.
With a team of 101-250 employees, Ellevest is dedicated to empowering women through personalized financial advice and investment strategies. The company aims to help women build and manage their wealth effectively.
How Much Funding Has Ellevest Raised?
- Series A
- Amount Raised: $10M
- Date: September 2015
- Lead Investors: Morningstar
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and build a foundational team.
- Venture Round
- Amount Raised: $9M
- Date: September 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand market reach.
- Series A
- Amount Raised: $34.6M
- Date: September 2017
- Lead Investors: Rethink Impact
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and expand market reach.
- Series A
- Amount Raised: $34.5M
- Date: March 2019
- Lead Investors: PSP Growth, Rethink Impact
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance product offerings.
- Series A
- Amount Raised: $12.3M
- Date: November 2020
- Lead Investors: Allianz Life Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their digital investing tools and services.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and build a foundational team.
- Series B
- Amount Raised: $53M
- Date: April 2022
- Lead Investors: BMO Capital Markets, Contour Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To deepen Ellevest's offerings and provide personalized coaching and product solutions.
Total Amount Raised: $153.4M. Current Valuation: Not publicly disclosed.
Key Investors
- BMO Capital Markets
- Details: BMO Capital Markets is a leading, full-service financial services provider. They offer investment banking, capital markets, and advisory services.
- Investment Focus Areas: Investment banking, capital markets, advisory services.
- Notable Investments: Various sectors including technology, healthcare, financial services.
- Contour Venture Partners
- Details: Contour Venture Partners is a venture capital firm focused on early-stage investments. They primarily invest in FinTech, enterprise SaaS, and digital media.
- Investment Focus Areas: FinTech, enterprise SaaS, digital media.
- Notable Investments: Various early-stage technology companies.
- Allianz Life Ventures
- Details: Allianz Life Ventures is the venture capital arm of Allianz Life Insurance Company. They focus on InsurTech, FinTech, and digital health.
- Investment Focus Areas: InsurTech, FinTech, digital health.
- Notable Investments: Various companies in the insurance and financial technology sectors.
- PSP Growth
- Details: PSP Growth is the venture and growth equity arm of PSP Partners. They invest in technology, business services, and real estate.
- Investment Focus Areas: Technology, business services, real estate.
- Notable Investments: Various growth-stage companies.
- Rethink Impact
- Details: Rethink Impact is a venture capital firm investing in female leaders using technology to solve the world's biggest problems. They focus on health, education, environmental sustainability, and economic empowerment.
- Investment Focus Areas: Health, education, environmental sustainability, economic empowerment.
- Notable Investments: Various companies led by women.
What's Next for Ellevest?
Ellevest stands at the cusp of significant growth opportunities, driven by its recent $53 million Series B funding. The company aims to deepen its offerings in personalized coaching, product solutions, and community support, all designed to help women achieve their financial goals. With a strong focus on expanding digital investing tools, banking services, and professional career coaching, Ellevest is well-positioned to leverage industry trends favoring personalized financial solutions and impact investing.
Future fundraising opportunities appear promising, given the successful Series B round and the diverse investor base, which includes high-profile names like Melinda French Gates' Pivotal Ventures and Salesforce Ventures. This financial backing not only underscores investor confidence but also sets the stage for potential strategic acquisitions to enhance technology and expand service offerings.
However, Ellevest faces challenges such as intense competition in the fintech space and the need to scale personalized coaching effectively. Navigating regulatory requirements and maintaining compliance will also be crucial as the company grows. Despite these hurdles, Ellevest's mission to address financial disparities for women positions it uniquely in a rapidly evolving market.
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