LearnVest Inc., operator of a personal finance website for women, has raised $4.5 million in Series A funding. Accel Partners led the round, and was joined by seed backers Richmond Management, Rose Tech Ventures and members of Circle Financial Group.
To kick off Financial Literacy Month, LearnVest Inc. (www.LearnVest.com), an award-winning personal finance website for women, announced today that it closed a Series A round of funding for $4.5 million, led by Accel Partners. LearnVest plans to use the funding to meet the strong demand for its current trusted information and tools, expand on its offerings, and build on the company’s recent success. Lead investors from the company’s seed financing in September 2009 also invested in this round, including Richmond Management, Rose Tech Ventures, and principals of Circle Financial Group.
LearnVest is the leading independent personal finance website targeting the 70 million women who control over 80% of all consumer spending in the United States. Since its debut as a TechCrunch50 Company in September 2009, LearnVest has helped tens of thousands of women gain control of their finances. Through LearnVest.com, LearnVest provides trusted content and tools to help women tackle their finances at each stage of life. These tools include Financial Checklists, a customized Action Plan, a Budgeting Tool, a 20-day Financial Resolution Bootcamp, and carefully vetted recommendations to help users find the financial accounts they need. LearnVest educates subscribers via the “LearnVest Daily,” a bite-size email guide of hip lifestyle tips for living on a budget.
LearnVest was first conceptualized by Alexa von Tobel in 2006, as she graduated from college. After 18 years of schooling, Alexa realized she had never had a moment of formal education on personal finance. She quickly found she wasn’t alone, as few high schools, colleges, and graduate schools across the nation teach this subject. Alexa searched for reliable financial guidance and consistently came up overwhelmed or disappointed. Thus, the LearnVest mission was born – to make trusted personal financial information accessible to millions of women.
“Personal finance can be daunting, and it is critical for women to have a roadmap for personal financial independence, now more than ever,” said Alexa von Tobel, CEO and founder of LearnVest. “We are thrilled to work with Theresia Gouw Ranzetta and Accel Partners, as they are recognized leaders in identifying and building social media platforms and online education companies. Valued support like this allows us to continue to provide women with unparalleled guidance and expertise.”
Accel Partners is a leading venture capital and growth equity firm specializing in groundbreaking companies across multiple industries, including internet, digital media, software, communications, and clean technology. Accel has backed market leaders that have sparked significant revolutions in their categories, such as Facebook, Glam Media, Etsy, Kayak, Admob, Trulia, Groupon, RealNetworks, UUNet, MetroPCS, BBN, Arrowpoint, Macromedia, XenSource, Walmart.com, Zimbra, and many others.
“We have been very impressed with LearnVest, the leading pioneer in creating smart, fun financial content targeting a huge and largely untapped audience: financially independent women,” said Theresia Gouw Ranzetta, Accel Partners’ lead investor and new LearnVest advisory board member. “Accel has helped build companies targeting specific vertical audiences such as Facebook, Glam Media and Trulia into global leaders, and we see that same potential in LearnVest. We’re very excited to be a part of the LearnVest family as they achieve new heights in the near future.”
LearnVest is an independent, interactive, personal finance platform that fills the gap between one-size-fits-all, overwhelming books and expensive financial advisors; LearnVest walks users through personal financial issues with a step-by-step approach, using dynamic LearnVest Checklists to tackle over 30 financial life events. Users can track their progress through customized profiles and reference a complete set of Financial Basics. LearnVest’s Board of Advisors includes Lee Barba (Former CEO, Investools/thinkorswim), Ann Kaplan (Former Partner, Goldman Sachs), Catherine Levene (Former CEO, DailyCandy), and Betsy Morgan (Former CEO, The Huffington Post). For more information about LearnVest, please visit http://www.learnvest.com.
About Accel Partners
Founded in 1983, Accel Partners has a long history of excellence and innovation in the global venture and growth equity business. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California; London, UK; and Bangalore, India; as well as in China via the IDG-Accel Partnership.
With over $6 billion under management, Accel has helped entrepreneurs build over 300 successful category-defining companies, including Actuate, Admob, Alfresco, AMCC, Arrowpoint, Baidu, BBN, Brightcove, ComScore, Etsy, Facebook, Gameforge, Glam Media, Groupon, Imperva, Infinera, Interwoven, JBoss, Kayak, Macromedia, metroPCS, Playfish, Polycom/PictureTel, Portal Software, QlikTech, Rapt, Real Networks, Riverbed, Sohu.com, UUNet, Veritas, Walmart.com, Webroot, XenSource, and Zimbra. For more information, visit the Accel Partners at http://www.facebook.com/Accel.