NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, April 2, 2019

Ellevest, the digital investment platform built by women, for women, has closed a $33 million funding round to help women achieve their financial goals. The fresh round was led by Rethink Impact and PSP Growth. New investors include Pivotal Ventures, the investment and incubation company founded by Melinda Gates (the wife of Bill Gates); PayPal; Elaine Wynn, co-founder of Wynn Resorts; Eric Schmidt, former executive chairman of Google and Alphabet; Valerie Jarrett (Senior advisor to President Barack Obama); and returning investors.

Ellevest was founded in 2014 by Charlie Kroll and Sallie Krawcheck with a mission to close the gender-investing gap. Ellevest helps women achieve their financial goals through modern, low-cost investing, with a beautifully designed digital platform backed by a unique investing approach. From a gender-smart investing algorithm for digital-only customers to bespoke portfolios for private wealth clients, Ellevest also provides the option to invest for impact and in other women.

“Today, we bring in a group of rock star investors deeply aligned with our mission. And it’s no coincidence that many of them are unparalleled changemakers and advocates for women who understand that being under-invested can cost women a fortune over their lives,” said Sallie Krawcheck, Ellevest’s co-founder and chief executive officer. “And it can be life-changing money. Retire-like-an-Instagram-influencer money. Get-your-hand-off-my-leg money.”

Photo courtesy of Amy Hirschi.