SAN FRANCISCO May 21 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
(Reporting by Sarah McBride; Editing by Cynthia Osterman)