Liz Gannes

Recent Posts by Liz Gannes

Wealthfront Gets $20M More for Online Investment Management

Wealthfront has raised a big $20 million Series B round led by Index Ventures with the Social+Capital Partnership and Greylock Partners.

WealthfrontThe company helps manage investments — currently $170 million worth, with an average account of $80,000. Stemming from its roots, 70 percent of its users come from the tech industry.

With Mike Volpi (longtime Cisco), Chamath Palihapitiya (early Facebook, also good at poker) and Reid Hoffman (LinkedIn co-founder and early investor in some big hits) leading the investments for their respective firms, Wealthfront is reeling in some big fish. But the company’s assets under management have grown 70 percent in the past three months, according to Wealthfront CEO Andy Rachleff.

For customers, the first $10,000 invested is free, with a management fee of .25 percent thereafter.

Rachleff said the new money will be spent on team and product growth in efforts to reach a larger and more diverse audience.


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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work