Ellevest raises $53 million
Ellevest, the financial company built by women for women, announced a $53 million Series B funding round, bringing its total funding to $153 million.
The round was co-led by BMO and Contour Venture Partners. It included investments from several new women-led investors, including Halogen Ventures, Cleo Capital, New York Ventures of Empire State Development, Stardust Equity, The Venture Collective, and Envestnet, as well as the LGBTQIA+ investment syndicate Gaingels Returning institutional investors include Melinda French Gates’ Pivotal Ventures, Astia Venture Fund, Khosla, Morningstar, AME Cloud Ventures, Salesforce Ventures, PayPal Ventures, and Allianz Life, as well as individuals like Elaine Wynn.
Ellevest has grown to $1.44 billion total AUM as of the end of 2021. In March 2019 the company had ~$250 million in assets.
Ellevest will use the capital to deepen its offerings, providing personalized coaching, product solutions, and community to help women reach their money goals and further Ellevest’s mission to get more money in the hands of women.
Last year, the company announced a partnership with Policygenius around life insurance, and it also features Lemonade for renters and pet insurance.
“Ellevest was built by women, for women. It is also funded by women, with 360 women and underrepresented investors participating in this funding round. This group recognizes that women have been disproportionately losing financial ground, and that’s bad news for all of us. Ellevest has a key role to play in addressing this issue: to help women – and their families – rewrite their financial narratives and thrive.” – Sallie Krawcheck, co-founder and CEO of Ellevest.