Ellevest Takes a Big Step Led by Female Investors with $53 Million In Series B Funding

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team
Published on April 7, 2022

There are many organizations popping up in recent years that focus on empowering communities of women. Ellevest is a great example, and it shows just how powerful a like-minded and dedicated community can be. Its goal is simple: getting more money in the hands of women. The company offers services including wealth management, coaching, and digital investing. Now, with $53 million in additional funding, the company is poised for growth. Read the announcement below to learn more about the company and its plans.

NEW YORK, April 6, 2022 — Ellevest, the financial company built by women for women, today announced a $53M Series B funding round. 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, Rethink Impact SPV, Salesforce Ventures, PayPal Ventures, and Allianz Life Insurance Company of North America, as well as individuals like Elaine Wynn and others.

Ellevest is the first financial company built by women to achieve this level of success, having grown to $1.44B total AUM as of 12/31/21. Ellevest was also named the #1 mission-driven investing offering by Bankrate.

Ellevest will use the capital to deepen its offerings, providing personalized coaching, product solutions, and community to help women reach their money goals and furthering Ellevest’s mission to get more money in the hands of women.

“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,” said Sallie Krawcheck, co-founder and CEO of Ellevest.

“Wonderful things happen when women support women in business. That’s why we are proud to stand behind a company that is focused on giving women the tools they need to thrive financially,” said Sarah Kunst, managing director at Cleo Capital.

“There is a massive need for financial products that serve women,” said Caroline Lewis, managing partner of Rogue Women’s Fund. “Ellevest truly lives by its values, creating space for women and diverse-led firms to be part of its growth story. It’s an honor to be one of those firms.”

BMO stands out among the large banks, with a board of directors that includes 50% women in independent board positions and a leadership team that is 40% women.

“Our investment in Ellevest is grounded in the same values that guide us at BMO,” said Shannon Kennedy, global president at BMO Family Office. “As a bank, we are committed to growing the good in business and life, supporting women entrepreneurs, and championing gender equality in the workplace and beyond. Investing in Ellevest, a company focused on equity and inclusion, has only furthered that mission, and we’re looking forward to supporting their journey.”

You can find the original article and a lot more information about Ellevest and the things mentioned in the article by going to Ellevest’s official site.

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team

Spencer Hulse is the Editorial Director at Grit Daily. He is responsible for overseeing other editors and writers, day-to-day operations, and covering breaking news.

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