Orrick has advised New York-based Betterment, the largest independent algorithmic financial advising platform (popularly known as a ‘roboadviser’), on its latest round of financing, in which the company is raising $70 million at a valuation of $800 million.
Swedish investment company Kinnevik is leading the financing, following on from a similar investment in Betterment in 2016. Existing investors Bessemer Venture Partners, Menlo Ventures and San Francisco-based private equity firm Francisco Partners are also participating in the round, which is subject to customary regulatory approvals.
Betterment will use the proceeds from this financing to further product development and better serve the company’s customers. The firm’s assets under management today is nearly $10 billion.