Robo-advisor Betterment achieves unicorn status with $160m capital injection
Robo-advisor Betterment has landed $160 million in growth capital, valuing the company at almost $1.3 billion.
Betterment CEO, Sarah Levy
The capital was made up of $60 million from a Series F equity round and a $100 million credit facility from ORIX Corporation USA’s Growth Capital group and Runway Growth Capital.
The Series F round was led by fintech-focused VC firm Treasury, with contributions from existing investors Kinnevik, Bessemer Venture Partners, Francisco Partners, Menlo Ventures, and Anthemis Group, among others.
New investors Aflac Ventures and ID8 Investments also participated.
Betterment says its funding will go towards building on the growth it has achieved so far this year, with particular attention paid towards its retail investor products and its 401(k) offering for SMEs.
Betterment CEO, Sarah Levy says: “We’re using these funds to further cement our category leadership with rapid innovation on top of our already differentiated product suite and unique, multi-pronged distribution model that serves retail investors, advisors and small businesses.”
