Ellevest raises $53m in Series B funding backed by female investors

Female-focused digital investment and robo-advisor platform Ellevest has secured $53 million in a Series B funding round co-led by BMO and Contour Venture Partners.

Ellevest secures $53m in Series B funding

Founded in 2014, Ellevest offers investing, banking and financial resources for women.

The funding round includes investments from new women-led investors such as Halogen Ventures and Cleo Capital.

Returning institutional investors include Melinda French Gates’ Pivotal Ventures, Astia Venture Fund, Khosla, Morningstar, AME Cloud Ventures, Salesforce Ventures and PayPal Ventures, among others.

Ellevest says it will use the capital to provide personalised coaching, product solutions, and community to help women reach their money goals and further its mission to get more money in the hands of women.

According to Ellevest, 360 female and underrepresented investors have participated in this funding round.

“This group recognises 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,” says Sallie Krawcheck, co-founder and CEO of Ellevest.

The company previously raised $33 million in April 2019 from high-profile female investors, which was preceded by $10 million in seed funding.