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Robo-Adviser Betterment Sees $700 Million Valuation After New Round of Funding

By Julie Verhage

Online financial adviser Betterment LLC has secured $100 million in new funding that has boosted the company’s valuation by 55 percent.

The round was led by Investment AB Kinnevik, a Swedish investment firm, and sees the so-called robo-adviser’s valuation rise to $700 million, compared to $450 million from a previous fundraising in February of 2015, according to research firm CB Insights. The move has also doubled the firm’s total funding, which now sits at $205 million.

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This article originally published March 29th, 2016 on Bloomberg