Ethic, a US-based asset management platform for financial advisers, has raised $29m in its series B round from a consortium including mutual fund manager Fidelity Investments.
Venture capital firm Oak HC/FT led the round, with participation from existing investors including VC peers Nyca Partners, Sound Ventures, ThirdStream Partners, Urban Innovation Fund and Kapor Capital.
Founded in 2015, Ethic lets advisers personalise a given benchmark to correspond with a client’s investment, values, and tax management preferences.
Ethic said its assets on its platform increased 10-fold to $760m since its prior $13m round of funding in July 2019.
Ethic has a strategic agreement with Fidelity Investments, which invested in the prior A round after a $6.8m seed round in October 2018.
