Ellevest, a New-York based digital investment platform tailored for women, has raised $33m in a funding round led by Rethink Impact and PSP Growth.
New backers in the fundraising are Melinda Gates-founded incubation firm Pivotal Ventures, PayPal, Mastercard, ex-Google CEO Eric Schmidt, and Valerie Jarrett- senior adviser to former president Barack Obama.
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Other new investors are Wynn Resorts co-founder Elaine Wynn, and Gingerbread Capital that was set up by Linnea Roberts.
“Women’s lives and realities are different than men’s, and I think we’ll see more and more of a demand for products designed to reflect that. This is an important market opportunity that Ellevest is well-positioned to tap into,” Gates noted.
Existing backers of Ellevest are Aspect Ventures, Khosla Ventures, Morningstar, Astia Angels, Creditease Fintech Investment Fund, as well as Ulu Ventures.
With the fresh funds, the firm intends to invest in technology and expand into new product lines.
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By GlobalDataEllevest co-founder and CEO Sallie Krawcheck said: “Today, we bring in a group of rock star investors deeply aligned with our mission. And it’s no coincidence that many of them are unparalleled changemakers and advocates for women who understand that being under-invested can cost women a fortune over their lives.
“And it can be life-changing money. Retire-like-an-Instagram-influencer money. Get-your-hand-off-my-leg money.”
At present, Ellevest has customers in 50 states along with Puerto Rico.
Recently, the firm launched Ellevest Private Wealth Management.
The offering currently manages $100m in assets for HNW clients.
The firm also launched the Premium service, providing women access to executive coaches and certified financial planner pros.
