Betterment Raises $10M Series B for Online Investment

October 03, 2012

Betterment LLC , a company providing an online investment and advisory service, said it has secured $10 million in second round financing led by Menlo Ventures , with existing investors Bessemer Venture Partners and Anthemis Group participating with major contributions.

Betterment plans to use the funds to grow the company and improve products including its mobile app, it said in a news release. The company did not disclose a valuation.

Since its launch in 2010, Betterment said it has increased its customer assets under management at 500% per year.

In December 2010 Betterment, based in New York, raised $3 million in Series A financing led by Bessemer and joined by Anthemis Group and individual investors.

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This article originally published October 3rd, 2012 on Dow Jones Venture Wire.