Ladenburg Thalmann Financial Services has invested in Newday Financial Technologies, a robo-advisory platform providing impact investment portfolios.
The deal terms were not divulged.
Headquartered in San Francisco, Newday offers seven sustainable funds aligned with the United Nations sustainable development goals.
These strategies address the issues of ocean health, animal welfare, fresh water, and gender equality, among others.
The robo-adviser, set up in 2017, mainly targets millennials.
Through Newday, one can invest as little as $5 in sustainable themes.
Newday founder Alexander Meek said: “We’re not only helping our users align their values with their investing strategy, but we’re offering a tangible, technology-enabled solution for virtually anyone to participate.”
Ladenburg made the Newday investment through its Ladenburg Innovation Lab.
This marks the innovation lab’s second investment since its inception two years earlier.
Ladenburg vice president for enterprise innovation and Ladenburg Innovation Lab head Dan Sachar said: “Our investment in Newday reflects our belief that Millennials and the generations that follow will continue to both seek out technology-enabled entry points into the world of investing and prioritise cause- or mission-based investing that aligns with their values.
“Younger investors want to be engaged citizens of their communities and the world, and Ladenburg and Newday want to help those clients meet this need.”