Investment service FutureAdvisor raises $15.5 million to fund its growth

SAN FRANCISCO Wed May 21, 2014 7:30am EDT

SAN FRANCISCO May 21 (Reuters) - FutureAdvisor, a San Francisco-based investment advisory service geared toward investors with between $100,000 and $1 million to invest, said it raised $15.5 million in funding to build its business.

The company is among start-ups taking aim at traditional banks and money managers. Wealthfront, a company that provides automated investment management services for individual investors, raised $35 million earlier this year from Greylock Partners and others.

LendingClub, which allows borrowers and lenders to connect directly, raised more than $100 million in debt and equity earlier this year from T. Rowe Price and others. Check, which helps customers track bills and bank balances, raised $24 million last year from Morgenthaler Ventures and others.

Canvas Venture Fund led FutureAdvisor's latest round. Founded in 2010 by two former Microsoft engineers, FutureAdvisor has now raised $21.5 million from Sequoia Capital and others. (Reporting by Sarah McBride; Editing by Cynthia Osterman)