Ellevest, a New York, NY-based female-focused financial services firm, as per recent reports, has raised $33 million in a recent investment funding round led by Rethink Impact, a DC, New York, and San Francisco-based venture capital firm, and PSP Growth, a growth equity arm of Chicago, IL-based PSP Partners.
The Ellevest digital investment platform – focused on women upliftment and to help women entrepreneurs meet their financial goals – has garnered much attention and investment from major high profile sources and investment industry hunks, including: Melinda Gates’ investment fund Pivotal Ventures; PayPal; Mastercard; Wynn Resorts co-founder Elaine Wynn; former Google and Alphabet chairman Eric Schmidt; ex-aide to President Obama, Valerie Jarrett; and Linnea Roberts founded Gingerbread Capital.
Ellevest was founded in 2016 by former Citigroup CFO, Sallie Krawcheck. The primary reason behind the firm’s establishment was to help women make investment decisions while considering the financial differences between women’s and men’s lives. These financial specifics of women accounts the salary differentials, career breaks to have children, salary arcs, and the fact that women typically live longer than men.
Ellevest, earlier in a seed funding round raised $10 million, and has clients in all 50 states and Puerto Rico. The firm says the investment raised in the latest funding round will be used for technology investment, product categories expansion, and increasing the firm’s financial education offerings.
Melinda Gates says: “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.”