Ellevest Raises $33m From Tech Leaders to Help Advance Women

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

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Ellevest Raises $33m From Tech Leaders to Help Advance Women

April 4, 2019
Ellevest, a digital investment platform built by women, for women, has raised $33 million in a funding round led by Rethink Impact and PSP Growth, with other high-profile investors such as Melinda Gates’ investment firm Pivotal Ventures, PayPal, Google’s Eric Schmidt, Gingerbread Capital, Mastercard, and Morningstar.
Ellevest includes a Private Wealth Management product area, designed for high net worth clients, which has hit the milestone of $100 million in assets under management. Its Premium service allows women to access a team of Executive Coaches and financial planners who can take their career and money goals to the next level.

Sallie Krawcheck, co-founder and chief executive officer at Ellevest, commented: 

“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.”

“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”, said Melinda Gates. 

Sallie Krawcheck, Founder and CEO at Ellevest
Sallie Krawcheck, Founder and CEO at Ellevest

Jenny Abramson, founder and managing partner of Rethink Impact, added: 

“Since we invested in Ellevest’s last round nearly two years ago, Sallie and her team have achieved exponential growth and helped countless women to take hold of their financial futures. We’re thrilled to co-lead this round, and look forward to continuing to partner with the company and its stellar community of investors.”
Valerie Jarrett, co-chair of the United State of Women, said: 
 
“I’m so pleased to support Ellevest as it leads the way to help women become financially stronger and meet their money goals. When women are stronger financially, that means a stronger economy and a stronger society. We need this change right now.”
It’s been a pretty good couple of weeks for women-led companies bringing the thunder: Glossier and Rent the Runway became “unicorn” companies valued at more than $1 billion after new rounds of funding. It’s also been a decent year: The Wing, ThirdLove, Billie, and Landit all announced funding rounds in the past three months. All of these companies have something in common with Ellevest: They came into being because the status quo didn’t fit women’s lives.
Melinda Gates
Melinda Gates

Ellevest pledges to use the $33 million raised to accelerate its growth by expanding into new product categories and technology in order to double down on building its community.

Dan Schulman, president and CEO, PayPal, said:  
“Ensuring that all women have robust financial tools to improve financial health and seize more opportunities is a societal imperative. We are proud to support Sallie and her team at Ellevest who are helping to level the playing field by pioneering investment solutions tailored to women. The growth in Ellevest demonstrates that, even in a crowded market, there is always opportunity for customer-focused solutions to win.”
Founded in 2014, Ellevest invests up to half of clients’ portfolio in companies that power positive social change by advancing women. The firm funds investing in companies with more women leaders and policies that advance women as well as sustainable and accountable companies. Funds are also used to provide loans to support women-owned businesses and companies that provide community services such as child education, performing arts, housing and care for seniors and individuals in need.

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