Betterment was founded in 2008 by Ryan O'Sullivan. CEO Sarah Levy told Business Insider that the company is on a path towards IPO. These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
Betterment is a financial advisement firm that offers services to both individual investors and professional advisors. Since 2013, the company has acquired ImpulseSave, Wealthsimple, Makara, and Gradvisor. A 2021 company press release states that "Betterment is the largest independent digital investment advisor with $32 billion in assets under management and nearly 700,000 clients." The company has received over $400 million in venture capital funding from investors including Investment AB Kinnevik, Bessemer Venture Partners, Francisco Partners, and Menlo Ventures. The company reported a recent valuation of nearly $1.3 billion.
Funding Date | Share Class | Amount Raised | Price per Share | Post-Money Valuation | Key Investors | |
---|---|---|---|---|---|---|
09/29/2021 | Series F | $60MM | $xx.xx | $1.28B | Aflac Ventures, Anthemis Group, Bessemer Venture Partners, Citi Ventures, Francisco Partners, Globespan Capital Partners, Id8 Investments, Kinnevik, Menlo Ventures, The Private Shares Fund, Treasury | |
Price per Share
$xx.xx
Shares Outstanding
4,775,715
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Aflac Ventures, Anthemis Group, Bessemer Venture Partners, Citi Ventures, Francisco Partners, Globespan Capital Partners, Id8 Investments, Kinnevik, Menlo Ventures, The Private Shares Fund, Treasury
|
||||||
07/21/2017 | Series E | $172MM | $xx.xx | $722.81MM | Anthemis Group, Bessemer Venture Partners, Citi Ventures, Francisco Partners, Globespan Capital Partners, Kinnevik, Menlo Ventures | |
Price per Share
$xx.xx
Shares Outstanding
18,436,929
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Anthemis Group, Bessemer Venture Partners, Citi Ventures, Francisco Partners, Globespan Capital Partners, Kinnevik, Menlo Ventures
|
||||||
02/18/2015 | Series D | $60MM | $xx.xx | $499.87MM | Anthemis Group, Bessemer Venture Partners, Fj Labs, Francisco Partners, Haystack Partners, Menlo Ventures, Northwestern Mutual Capital | |
Price per Share
$xx.xx
Shares Outstanding
7,844,542
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Anthemis Group, Bessemer Venture Partners, Fj Labs, Francisco Partners, Haystack Partners, Menlo Ventures, Northwestern Mutual Capital
|
||||||
04/15/2014 | Series C | $32MM | $xx.xx | $151.34MM | Anthemis Group, Bessemer Venture Partners, Citi Ventures, Globespan Capital Partners, Menlo Ventures, Northwestern Mutual Capital | |
Price per Share
$xx.xx
Shares Outstanding
12,206,239
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Anthemis Group, Bessemer Venture Partners, Citi Ventures, Globespan Capital Partners, Menlo Ventures, Northwestern Mutual Capital
|
||||||
09/25/2012 | Series B | $9.99MM | $xx.xx | $32.75MM | Anthemis Group, Bessemer Venture Partners, Menlo Ventures | |
Price per Share
$xx.xx
Shares Outstanding
13,680,257
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Anthemis Group, Bessemer Venture Partners, Menlo Ventures
|
||||||
11/22/2010 | Series A | $3MM | $xx.xx | $8.57MM | Anthemis Group, Bessemer Venture Partners, Reinmkr | |
Price per Share
$xx.xx
Shares Outstanding
8,749,162
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Anthemis Group, Bessemer Venture Partners, Reinmkr
|