Ellevest, a digital investment platform created for women and founded by Wall Street veteran Sallie Krawcheck, has raised $33 million in a new funding round led by Rethink Impact and PSP Growth. The new money captured the backing of several prominent new names as Valerie Jarrett, Melinda Gates (Pivotal Ventures) and PayPal joined previous investors in the new round.
Additionally, the following were reported to have participated in the funding: Elaine Wynn, co-founder of Wynn Resorts; Eric Schmidt, former executive chairman of Google and Alphabet; Gingerbread Capital (founded by Linnea Roberts); and Mastercard.
Returning investors include Aspect Ventures, Khosla Ventures, Morningstar, Astia Angels, Creditease Fintech Investment Fund, and Ulu Ventures.
Krawcheck commented on the round:
“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.”
Melinda Gates said that when the status quo isn’t meeting women’s needs, it deserves to be disrupted, and that’s what this platform created by women for women aims to do:
“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.”
Ellevest also reported their Private Wealth Management service, designed for high net worth clients, hit the milestone of $100 million in assets under management. Ellevest’s services seek to serve women investors across a spectrum of needs.
Ellevest said it will use the capital to accelerate its growth including investing in its technology.
Ellevest currently has clients in all 50 states with an average age of 34.