Personal Capital, a US-based digital wealth management firm, has raised $25m in its series C round form a consortium including asset manager BlackRock.
Venture capital firms Crosslink Capital, which led, Institutional Venture Partners (IVP) and Venrock also invested in the C round.
Personal Capital previously raised $15m in its B round in August 2011 from IVP and Venrock, which was set up by the Rockefeller family descended from the eponymous oil baron, and $10m a year earlier in its A round. Personal Capital’s seed rounds raised about $2.3m, according to data provider Crunchbase.
Bill Harris, chief executive of Personal Capital, previously held the same role at online payments company PayPal and financial software provider Intuit and has founded numerous financial technology and security companies.
He said: “We’ve doubled users, clients and assets [to more than $20bn] since the first of the year, and this fresh capital will be used to supercharge our growth.”
Brian Ascher, partner at Venrock and new addition to Personal Capital’s board, added: “There are now more mutual funds than individual stocks. Customers don’t want another investment product, they want a personalized new way to protect, manage and grow their money.
“It’s time to bring real wealth management, once only available to investors with $10 million in investable assets, to the mass affluent. We think the time is now, and this is the team to do it.”
The other members of the team include EverBank co-founder and former Fidelity Investments Personal Trust Company president, Rob Foregger (chief strategy officer) and former E-Loan CIO, Jay Shah (chief information officer).