How Much Did Vestwell Raise? Headquarters, Funding & Key Investors

Vestwell, founded in 2016 and headquartered in New York City, has raised a total of $290 million across five funding rounds, reaching a $1 billion valuation as of December 2023. The latest $125 million Series D round, led by Lightspeed Venture Partners, supports expansion into state-savings initiatives and new retirement programs. Previous rounds include $70M Series C, $30M Series B, $8M Series A, and $4.5M Seed funding. With 251–500 employees, Vestwell’s digital platform simplifies 401(k), IRA, and 529 savings plans for over 300,000 businesses nationwide.

How Much Did Vestwell Raise? Funding & Key Investors

Vestwell has raised substantial capital across multiple funding rounds, with the latest being a $125 million Series D in December 2023. Founded in 2016, the company provides a digital workplace savings platform, offering 401(k) plans, IRAs, and 529 education savings accounts. Vestwell is backed by 25 investors, including Fin Capital and Lightspeed Venture Partners, and is valued at approximately $1 billion.

What Is Vestwell and What Does It Do?

Vestwell, founded by Aaron Schumm in 2016, is headquartered in New York, New York, United States. The company offers a digital savings platform that enables businesses to create retirement plans for their employees efficiently.

Vestwell employs between 251-500 people and offers automated retirement investing options, including 401(k)s, IRAs, and 529 education savings accounts.

The platform serves investment advisors, businesses, and employees, offering a range of services including investment management, trading, administration, custody, record-keeping, and trustee services. Vestwell’s goal is to modernize retirement investing, ensuring compliance while simplifying plan management and scaling business operations.

How Much Funding Has Vestwell Raised?

1. Seed Round

Amount Raised: $4.5M
Date: September 2016
Lead Investors: FinTech Collective
Motivation: To launch the platform and begin developing retirement savings solutions.

2. Series A

Amount Raised: $8M
Date: October 2017
Lead Investors: F-Prime Capital
Motivation: To expand product offerings and scale operations.

3. Series B

Amount Raised: $30M
Date: April 2019
Lead Investors: GS Growth
Motivation: To enhance technology and support growth in customer base.

4. Series C

Amount Raised: $70M
Date: July 2021
Lead Investors: Fin Capital, Wells Fargo Strategic Capital
Motivation: To accelerate growth and expand market reach.

5. Series D

Amount Raised: $125M
Date: December 2023
Lead Investors: Lightspeed Venture Partners
Motivation: To continue rapid expansion, focus on state-savings program initiatives, and develop new savings programs.

Total Funding Raised: $290 Million

Current Valuation: $1 Billion (as of December 2023)

Latest Funding Date: December 20, 2023

Key Investors

1. Lightspeed Venture Partners

Details: Venture capital firm focusing on early-stage investments in enterprise, consumer, and health sectors.
Investment Focus Areas: Technology, enterprise, consumer, health sectors.
Notable Investments: Snapchat, Affirm, MuleSoft.

2. Fin Capital

Details: Venture capital firm investing in fintech companies, providing advisory and scaling support.
Investment Focus Areas: Fintech, financial services.
Notable Investments: Circle, DailyPay, Greenlight.

3. Wells Fargo Strategic Capital

Details: VC arm of Wells Fargo, investing in innovative companies to support growth initiatives.
Investment Focus Areas: Innovative companies across sectors.
Notable Investments: Not publicly disclosed.

4. GS Growth

Details: Growth equity firm investing in high-growth companies.
Investment Focus Areas: High-growth companies across sectors.
Notable Investments: Not publicly disclosed.

5. F-Prime Capital

Details: Global VC investing in healthcare and technology.
Investment Focus Areas: Healthcare, technology.
Notable Investments: Not publicly disclosed.

Where Is Vestwell’s Headquarters?

Vestwell is headquartered in New York, New York, United States, a hub for financial services, fintech innovation, and access to enterprise clients and regulatory expertise.

What’s Next for Vestwell?

With its recent $125 million Series D funding, Vestwell plans to expand its state-savings programs and introduce new retirement savings initiatives. Serving over 300,000 businesses and managing nearly $30 billion in assets, the company is set to broaden its market presence.

Future growth may include additional funding rounds or a potential IPO, while navigating competition from other fintech platforms and maintaining regulatory compliance.

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