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New York based digital investment platform for women Ellevest has raised $32.46m in new venture funding from undisclosed investors. The company's technology helps determine how much a client should contribute to reach her goals and then manages a portfolio of stocks and bonds through low-cost exchange-traded funds.
Jenny Abramson, founder of venture capital firm Rethink Impact, has joined Ellevest's board, which means she was also likely part of the investment round. According to its web site, Rethink is a female-led venture firm "particularly focused on supporting companies that have women in management roles and use technology to generate positive impact at scale." Ellevest declined to comment on the filing. Krawcheck has been very public about the systemic challenges women face in the workplace, particularly in the hypercompetitive environments of finance and tech. In June, following the ouster of Uber CEO Travis Kalanick, whose company was in the midst of a sexual harassment crisis, Krawcheck published a piece on LinkedIn about the time "I was literally told to 'sit down and shut up' when I was fighting to reimburse client funds" for products that Citibank never should've sold.
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