A Robo Focused on Women Raises $32.5MM
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Thursday, August 31, 2017

A Robo Focused on Women Raises $32.5MM

A veteran Wall Street bigwig just raised tens of millions of dollars for her roboadvisor.

Last week Ellevest told the SEC that it recently sold nearly $32.5 million worth of equity (another $2.2 million of equity was offered but not sold). Ellevest, led by none other than former Merrill wealth management chief Sallie Krawcheck, is a roboadvisor focused specifically on women.

CNBC, Crowdfund Insider, and Financial Planning all reported on the move. Meanwhile, Krawcheck also just hired Ellevest's first chief marketing officer, Lisa Stone, Fast Company reports.

There's no word on how big of a stake of Ellevest was sold in the offering, so it's not clear what the robo is currently valued at.

Ellevest grew out of Ellevate, a network promoting women as business leaders. Ellevate also teams up with Pax World to power an index mutual fund.

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