Allianz Life has invested $7.5 million in Ellevest, the digital-advice platform for women co-founded by industry veteran Sallie Krawcheck, as part of a $12.3 million extension of Ellevest’s Series A financing round.
The funds will help Ellevest “expand its business, which is growing quickly at a pivotal point in history,” the firms said Tuesday in a joint announcement.
The companies did not specify what other firms were part of the $12.3 million Series A extension. They did not immediately respond to a request for comment.
Ellevest has cumulatively raised $92 million from investors including: Rethink Impact; Morningstar; Penny Pritzker’s PSP Capital; Pivotal Ventures, the investment and incubation company founded by Melinda Gates; PayPal Ventures; Elaine Wynn, co-founder of Wynn Resorts; Valerie Jarrett; Mellody Hobson; Gingerbread Capital; Mastercard; Astia Angels; and Contour Ventures.
“We’re at a critical moment for women,” according to Krawcheck, who also serves as Ellevest CEO. “Women have disproportionately lost their jobs during the pandemic, because women are overrepresented in hard-hit industries like caregiving and hospitality.”