Ellevest, a New York-based financial company built by women for women, raised $53 million in Series B funding.
The round was co-led by BMO and Contour Venture Partners. It included investments from several new women-led investors, including Halogen Ventures, Cleo Capital, New York Ventures of Empire State Development, Stardust Equity, The Venture Collective, and Envestnet, as well as the LGBTQIA+ investment syndicate Gaingels, the firm said in a press release.
Returning institutional investors include Melinda French Gates’ Pivotal Ventures, Astia Venture Fund, Khosla, Morningstar, AME Cloud Ventures, Rethink Impact SPV, Salesforce Ventures, PayPal Ventures, and Allianz Life Insurance Company of North America, as well as individuals like Elaine Wynn.
Ellevest, which was co-founded by Sallie Krawcheck, said 90% of its Series B investors are women and underrepresented investors, who contributed 68% of the total funds.
The company said it will use the capital to deepen its offerings and product solutions, and help women reach their money goals.
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