Personal Capital hires investment bank to find buyer, funding - peHUB

Personal Capital, the hybrid robo-adviser with $1.5 billion in assets under management, is seeking a buyer and is in its fifth funding round, according to private equity website peHUB. The online wealth management company, headquartered in Redwood City, Calif., is valued at $500 million and has hired investment bank Evercore, the article states. peHUB is produced by Buyouts, a private equity magazine. Personal Capital representatives did not immediately respond for comment. The company received $2.3 million in two seed funding rounds in 2009, followed by four more rounds of funding. In 2010, it received $10 million in a Series A round; in 2011, $25 million in a Series B funding; in 2013, $25 million in a Series C round; and in 2014, $50 million in a Series D round, according to CrunchBase. Last month, Personal Capital slashed its account minimum to $25,000 from $100,000, in a move to attract younger clients with smaller assets.