Ellevest, the digital investment platform built by, for, and with women, announced today that it closed a $34.6 * million funding round. Led by Rethink Impact, the largest U.S. venture capital impact fund with a gender lens *, new participants also included PSP Growth (PSP Capital’s venture arm), Salesforce Ventures, CreditEase Fintech Investment Fund, LH Holdings and SK Impact Fund, LLC. Returning investors Morningstar, Khosla Ventures, Mellody Hobson, Ulu Ventures, Contour Venture Partners and Astia Angels also participated. Jenny Abramson, Rethink Impact’s founder and managing partner, will join the board.
“I’m thrilled these global leaders—who are female “firsts” and technology innovators—are joining Ellevest’s mission to end the gender gap in investing and personal finance,” said Sallie Krawcheck, Ellevest CEO and co-founder. “We will use this new funding to build on the momentum in our digital offering, and develop solutions with women in our community who are asking us for human interaction and financial planning services.”
“At Rethink Impact, we are committed to changing the gender and social dynamics for women, and our investment in Ellevest is a testimony to that commitment,” said Jenny Abramson of Rethink Impact. “We’re excited to help Ellevest accelerate their growth so women have greater latitude in planning for and taking control of their futures. Given that women are twice as likely as men to live in poverty by the time they are 75 *, it’s time that we give women the power to close the money gap.”
Introducing: Ellevest Ascent
By popular demand, Ellevest is introducing human financial planning services in combination with Ellevest’s existing investing technology, to create a powerful hybrid platform.
Ellevest Ascent will introduce clients to a financial planner, and, working together, they will develop personalized action plans across nine essential areas of financial wellness: Career, Family, Taxes, Cash Flow, Debt, Credit, Investments, Retirement and Insurance. Ellevest Ascent includes opportunities to save money on fees, taxes, healthcare and more. The advice will be tailored to each life stage.
“PSP Growth is thrilled to be partnering with Sallie and the team at Ellevest in expanding this powerful platform dedicated to engaging with, serving and tapping into the power of women,” said Penny Pritzker, founder and chairman of PSP Capital and former U.S. Commerce Secretary.
"At Salesforce, equality is one of our core values, and Ellevest's mission aligns with our vision for advancing equality for all,” said John Somorjai, Salesforce EVP of Salesforce Ventures and Corporate Development. “We’re proud to help fuel Ellevest's growth as they pursue their mission of helping women take charge of their financial future and achieve their goals."
Ellevest is an innovative investing and planning platform that redefines personal finance and investing for women with a practical, goals-based approach. Ellevest gives women the tools they need to take financial control: A straightforward, full-picture investment plan that reflects real life. Ellevest does not guarantee investment performance. All investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time. For more information, visit www.ellevest.com.
About Rethink Impact
Rethink Impact (@rethinkimpact) is the largest, US-based impact venture capital firm with a gender lens that invests in female leaders using technology to solve the world’s biggest problems. Rethink Impact believes that the next generation of extraordinary companies (in health, environmental sustainability, education, and economic empowerment) will find success through their relentless pursuit of mission, for the benefit of all communities. For more information, visit rethinkimpact.com.
About PSP Growth and PSP Capital
PSP Capital is a Chicago-based global private investment firm founded by its Chairman, Penny Pritzker, an entrepreneur, civic leader, and philanthropist, and former U.S. Secretary of Commerce. PSP Growth is the venture and growth equity arm of PSP Capital, whose mission is to support entrepreneurs and build market-leading businesses, with a primary emphasis on disruptive technologies, tech-enabled services and privacy/cyber-security. With a patient and significant capital base (investing from the balance sheet, not a fund), long history of building businesses and global network of deep relationships, PSP Growth is uniquely positioned to support the strategic growth objectives of its businesses and entrepreneur partners. For more information on PSP Growth, visit www.pspcapital.com/pspgrowth.
About Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company’s corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Intelligent Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 200 enterprise cloud startups in 14 different countries since 2009. For more information, please visit www.salesforce.com/ventures.
About CreditEase Fintech Investment Fund
Founded in February 2016, CreditEase Fintech Investment Fund is a venture fund investing in growth-stage fintech companies in China and the global markets. CreditEase Fintech Investment Fund has an equivalent of $1 billion in total committed capital. The fund has formed strategic partnerships with global leading venture capital investors to discover opportunities in five sub-segments within the domain of Fintech: Lending, Payment, Personal Finance/Wealth management, Enterprise Solutions and Insurance.
$9.6 million of the total was from conversion of a previously announced convertible note.
According to B Lab, as of March 1, 2017
Gender Pay Inequality: Consequences for Women, Families and the Economy, Joint Economic Committee, U.S. Congress, April 2016.