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.
The collective of groups including CFP Board, the FPA, NAPFA, and XYPN called for continued support in a legal battle to reinforce clients' best interests.
TMG adds to its $14 billion in AUM and AUA with a new California partnership while Cleveland-based Prosperity welcomes two veterans to its leadership.
Soon-to-launch AI-powered tool allows retail investors to build bespoke indexes, with users able to buy in with fractional shares.
The competing legal strategies appear contrary to Stifel’s public statements about defending its structured notes’ tactics.
The two firms have also bolstered their ranks with additions from LPL, Morgan Stanley, and PNC Investments.
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