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ellevest.com

Founded Year

2014

Stage

Series B | Alive

Total Raised

$141.6M

Last Raised

$53M | 2 mos ago

About Ellevest

Ellevest is a federally registered investment advisor that offers a digital investment platform for women with a practical, goals-based approach. Ellevest projections and investment recommendations take into account longer lifespans and salary curves that are unique to women. It was founded in 2014 and is based in New York, New York.

Ellevest Headquarter Location

48 West 25th Street 6th Floor

New York, New York, 10010,

United States

844-355-7100

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Research containing Ellevest

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Ellevest in 5 CB Insights research briefs, most recently on Apr 14, 2022.

Expert Collections containing Ellevest

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Ellevest is included in 4 Expert Collections, including Wealth Tech.

W

Wealth Tech

1,707 items

A category of financial technology that is digitizing & streamlining the delivery of wealth management. Included: Startups that offer technology-enabled tools for active and passive wealth management for retail investors and advisors.

F

Fintech 250

248 items

C

Conference Exhibitors

5,302 items

F

Fintech

7,344 items

US-based companies

Ellevest Patents

Ellevest has filed 1 patent.

The 3 most popular patent topics include:

  • Financial markets
  • Funds
  • Investment
patents chart

Application Date

Grant Date

Title

Related Topics

Status

5/4/2017

Mutual fund families, Investment, Financial markets, Funds, Mathematical finance

Application

Application Date

5/4/2017

Grant Date

Title

Related Topics

Mutual fund families, Investment, Financial markets, Funds, Mathematical finance

Status

Application

Latest Ellevest News

After Raising $53 Million For Ellevest, Sallie Krawcheck Shares Concerns Around The Series B Cliff

May 11, 2022

May 11, 2022, A glance at some of the most high profile women-owned businesses that garnered large scale investments reveals an interesting trend: many that reach the $1 Billion tend to fall into “traditional women-focused” categories such as retail and fashion (see: Spanx and Stitchfix .) While obstacles undoubtedly remain in place, some sectors are lagging behind others. Take for example, the institutional barriers women in fintech face when attempting to secure capital. No one knows about the gender battles of fintech better than Sallie Krawcheck, who has spent the past few decades trying to bring more women into the industry, from securing more funding for women-owned businesses to convincing more women to take control of their personal financial investments. Krawcheck has been referred to as the most powerful woman on Wall Street. In 2014, she created Ellevest , an investment platform and financial literacy program with a focus on getting more women to take control of their investment portfolios. After an uphill battle to gain the respect of the industry, Ellevest just raised a $53 million Series B round . They had to take an untraditional route to get there, but through a combination of Venture Capital funding thanks to Melinda Gates’ Pivotal Ventures and Angel Investors such as Eric Schmidt and Valerie Jarrett, they surpassed their original $50 Million goal. I spoke to Krawcheck about the obstacles she and the industry are still facing as well as the direction she thinks the fintech industry is heading. Sallie Krawcheck, CEO of Ellevest c/o Ellevest Amy Shoenthal: You’ve been at the forefront of encouraging women to be more confident when it comes to investing for years. Can you tell me where that drive and passion comes from? Recommended For You 1 Fewer stories like this Sallie Krawcheck: In a capitalist society, money is not just money. Money is power. Money is the power to leave relationships that don’t work for you, to leave jobs that you hate, to buy a home, to start a business. Women don’t just have less money than men, they have a lot less money. And Black women have even less, and it’s been moving in the wrong direction for quite some time. There have been many initiatives around women and money. The one simple flaw in these initiatives is that they’re mostly just marketing, and in them, we are telling women to change. I still see friends of mine and friends of my daughter who are still stuck in this place. Shoenthal: What do you mean when you say they’re stuck? Krawcheck: Women in my generation, for the most part, outsourced money management to their partners. Then they saw their husbands leaving for a younger gal or dropping dead of a heart attack. 80% of women die single . 98% of widows and divorcees say the number one piece of advice they give to other women is that they should be involved with their money. You can’t get 98% of people to agree on anything but these women are all saying the same thing. Now with my daughter’s generation, unfortunately, it’s still ‘cute’ to be bad with money. So across the board, women are still outsourcing that money - something we should have stopped doing in the ‘80’s. Think about the news out of the Supreme Court last week. Perhaps you can imagine a world where women had the same amount of money as men, and therefore poured as much money into politics as men, and had as much representation at the highest levels of government as men. When we started, there was a real opening in the market for Ellevest, and we focused searingly on investing. At first, everyone said it was a dumb idea. Men said, well, our services are for women too, and women said, we don’t need our own thing because we’ve been socialized to think that things “for women” means they’re junior varsity. Shoenthal: How would you say it’s going now? Krawcheck: It’s going great now, but it was hard to get here. When we first launched, we knew we needed to change the underlying product. Building a new investing algorithm that took gender into account or considered the fact that that she lives longer and earns less was no easy feat. There were a thousand other details that prevented her from investing. Getting together a team, earning her trust? No easy feat. Shoenthal: What were those ‘thousand other details’ that prevented her from investing and how did you overcome those barriers? Krawcheck: Women have been programmed to think they are not good with money. By nature, our target consumer has been socialized to believe she’s inferior. If you ask a man what his risk tolerance is, he’ll make an educated guess. If you ask a woman, she’ll say hold on, I need to go figure this out. She’ll go buy a book, research, make sure she feels educated enough before she gives her answer. And that leads to drop off. I always say, ‘What’s more interesting than investigating your risk tolerance?’ The answer is, ‘Everything.’ Shoenthal: So how do you work through that? Krawcheck: The biggest question we had when we started was, what portfolio do we give her? Do we start by giving her a course in risk tolerance? The other big finding was that our target is most comfortable with goal-based investing. The most obvious goal is retirement. I need enough to continue my lifestyle when I retire, so I can be a grandma scooting around the world with my young boyfriend. We had to help her conceptualize so she could build that goal. Then we created a customized investment portfolio that allowed her to achieve that goal. Once you do that, the risk question falls away. Now that I know how much money she has, how old she is and what she wants to achieve I can give her the least amount of risk to get her there. It sounds easy now but it was very complicated. It took two years for us to think and rethink how to do this. I came in guns blazing with so many terrible ideas, so it took awhile to figure out what would work. Shoenthal: How can we make the world of investing and finance, an industry known for being reserved for the wealthy only, more inclusive and accessible? Krawcheck: What I can tell you is that investment minimums are sexist and racist. If your investment minimum is $200k, your clientele will be primarily white men. Even if your investment minimum is $5,000, your service is prohibitive. At Ellevest we have no investment minimum. We have a membership program that starts at $1 a month. Shoenthal: Ellevest just announced a $53 Million investment from your Series B funding round featuring a diverse roster of predominantly female investors including Melinda Gates’ Pivotal Ventures. Tell me about that process. Krawcheck: Honestly, it was hard. The lesson I keep learning is this: When you go to people who have money and you need to spend your time convincing them about your view of the world, sometimes it works, sometimes it doesn’t. But when you go to people who have your view of the world and you ask them for money, it works. We were Melinda Gates’ first direct investment . Penny Pritzker (the former US Secretary of Commerce and founder of PSP Partners ) came to us as an investor before she really started investing in VC with Alexa von Tobel at Inspired Capital. We have a lot of women investors excited about us but can’t get it through their investment committee. What began to happen was women investors like Jesse Draper of Halogen and Caroline Lewis of Rogue Ventures said, let’s get our community together in a special purpose vehicle. Shoenthal: That’s such an interesting model. Krawcheck: I don’t think anybody’s done this before. Special purpose vehicles are sometimes called co-investments. It was almost like this uprising. There’s traditional venture, and there's crowdfunding, and this is sort of in between. We got accredited investors coming together in order to invest, and this round was 90% underrepresented investors: women, people of color, and LGBTQIA+. We went from a raise that felt like a slog to being overscribed. We only set out to raise $50 Million. Through this process, we brought in 360 new investors. Today we're two thirds funded by women. I’m not sure if there’s another post Series B Company, certainly in fintech, that can say the same. Shoenthal: Tell me about the “Series B Cliff” that so many women founders face, especially in fintech . Krawcheck: I really worry about this. We have terrific women coming into the Seed and Series A levels. When you look at the numbers for women CEOs, they raise a certain percent of Series A or Seed, but it goes down to 1% of Series B . That’s a 1 in 10,000 chances of getting funding. Shoenthal: Female founders secured only 2% of venture capital in the US in 2021, despite the fact that companies with women at the helm are known to perform 63% better compared to those of their male peers. Do you think that number will change in 2022? Krawcheck: At the Seed and Series A stage it is changing. In crowdfunding, women are outperforming men. I’m hoping that change eventually trickles into Series B. If more women come together and invest, they can have a real impact. Women are stepping into their financial power and investing in startups. It will take a while to increase that power and take control of bigger dollars, but we just need to support each other, invest in each other, talk each other up, get great returns for each other, and put each other on boards. That’s the point of strength for us as women.

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  • When was Ellevest founded?

    Ellevest was founded in 2014.

  • Where is Ellevest's headquarters?

    Ellevest's headquarters is located at 48 West 25th Street, New York.

  • What is Ellevest's latest funding round?

    Ellevest's latest funding round is Series B.

  • How much did Ellevest raise?

    Ellevest raised a total of $141.6M.

  • Who are Ellevest's competitors?

    Competitors of Ellevest include Wealthfront and 4 more.

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