Betterment, a personal investment management startup, has just closed a new $10 million round of funding, the company announced today.
Betterment is a service that helps people manage their investment account by providing an easy way to put money into the stock market and government-backed treasury bonds. The service lets people work towards investment goals, contribute to loved ones’ goals, and educates users on making smart financial decisions. The idea is that you use Betterment as a low-cost alternative to hiring someone to manage your money while also understanding more about how you should invest.
The startup said it plans to use the new capital to accelerate growth, improve its mobile experience, and improve the service with things like shorter-term goals.
The new funding was led by Menlo Ventures, with participation from existing investors Bessemer Venture Partners and Anthemis Group.
Founded in 2010, the New York-based startup previously raised a $3 million round of funding back in 2010. Betterment has a total of $13 million in funding to date.
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