Ellevest raises $33M

Ellevest , the digital investment platform “built by women, for women,” announced a $33m funding round led by Rethink Impact and PSP Growth. Additional investors include Melinda Gates’s investment fund Pivotal Ventures, PayPal, Wynn Resorts co-founder Elaine Wynn, former Google and Alphabet chairman Eric Schmidt, former top aide to President Obama, Valerie Jarrett, Gingerbread Capital, and Mastercard.

Ellevest was founded by former Citigroup CFO Sallie Krawcheck with a mission to help women meet their unique financial needs. As women live longer and earn less than men, Ellevest takes into account these elements while helping women achieve different goals such as taking time off a career to focus on children. Since launching in November 2016, the company has attracted ~23k clients and has ~$250m in assets.

“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.” – Cofounder and CEO OF Ellevest, Sallie Krawcheck.

“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.” – Melinda Gates.