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Rating:BlackRock Invests in a Digital Wealth Manager Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, June 5, 2013

BlackRock Invests in a Digital Wealth Manager

Reported by Tommy Fernandez

BlackRock is joining the Internet revolution.

The nearly $4 trillion asset giant has joined the roster of investors in a $25 million Series C financing for Personal Capital.

Personal Capital provides a variety of wealth management services for clients, including asset allocation, portfolio construction, security selection, tax management, portfolio monitoring and rebalancing, trade oversight, among other services.

Bill Harris, who was formerly chief executive of PayPal and Intuit, is chief executive of Personal.

Other notable executives at the wealth manager include chief product officer Jim Del Favero, formerly a group product manager at Quicken; vice president of portfolio management Craig Birk, formerly responsible for portfolio implementation, risk management and capital markets and securities research at Fisher Investments, and vice president of marketing Sam Yount, who led interactive advertising at Scottrade, then built the Marketing Services group at Wall Street on Demand, serving E*Trade, Scottrade and others.

That deal was led Crosslink Capital. Other investors in the deal include Institutional Venture Partners and Venrock.

Here is the press release:
Company Press Release

Personal Capital Raises $25 Million Financing From Crosslink, IVP, Venrock and BlackRock



SAN FRANCISCO, CA – June 5, 2013 – Personal Capital, the nation’s first digital wealth management firm, announced the close of its $25 million Series C financing.  “We’ve doubled users, clients and assets since the first of the year, and this fresh capital will be used to supercharge our growth,” said CEO Bill Harris, the former CEO of both Intuit and PayPal.

“Personal Capital combines a financial dashboard that gathers data from all your accounts with a professional financial advisor to help manage your investments,” said Harris.  “The merging of high tech and high touch creates the kind of comprehensive wealth management formerly reserved for multi-millionaires,” said Harris.  This new category of “digital wealth management” combines two essential ingredients:

1.    Consumer Technology.  People of all ages rely on mobile and web devices to manage their lives, and demand the same electronic access to their money – all of their money and investments in all of their accounts.

2.    Comprehensive Advice.  Americans with complex finances – anyone grappling with home ownership, education and retirement issues – need data and financial advice that addresses their entire household.

Jim Feuille of Crosslink Capital led this financing and has joined the company’s Board of Directors.  Crosslink and BlackRock, the world’s largest asset management firm, are new investors in the company, joining existing investors Institutional Venture Partners (IVP) and Venrock.

All three of the venture capital partners on Personal Capital’s Board of Directors are on the Forbes Midas List of 2013’s Top 100 Tech Investors:

Jim Feuille, Crosslink Capital.  “We look for large markets undergoing disruptive transitions, and make long-term bets.  Personal Capital is the tip of the spear that will drag the investment management industry into the 21st century.”

Steve Harrick, IVP.  “Mass affluent households don’t have a place to go to manage their financial affairs using real-time information – particularly if they use mobile and web tools in their daily lives.  Personal Capital is purpose built for tech-enabled investors.”

Brian Ascher, Venrock.  “The market is truly enormous, with over $32 trillion of investible assets held by individuals and households in this country – that’s twice the size of the U.S. GDP.”

Personal Capital now tracks over $20 billion of assets every day for its users, and the company’s unique solution has won acclaim from both users and reviewers.  When bestowing its Editors’ Choice award, MacWorld said, “Personal Capital offers the best personal finance tools I’ve ever had the pleasure to use.”  In addition, Time magazine ranked Personal Capital as one of the Top 50 Web Sites in the world.

?*** About Personal Capital

?Developed by a team of high-tech and finance veterans led by Bill Harris, former CEO of Intuit and PayPal, Personal Capital offers the nation’s first digital wealth management service.  It combines a free financial dashboard to gather and analyze all your financial data, with a financial advisor to help manage your investments.  Personal Capital’s award-winning service is available at PersonalCapital.com or 855-855-8005, and its mobile and tablet apps are available at the Apple App Store and the Google Play Store.

About Crosslink Capital

?Crosslink Capital believes the best way to predict the future is to create it. Crosslink is a leading stage-independent venture capital and growth equity firm that invests in digital media & Internet services, software and business services, communications services & infrastructure, and computing. The firm was one of the first and largest in the U.S. to integrate public and private growth/technology investing and maintains an active seed fund – a strategy that allows Crosslink to develop early, long-term partnerships with its portfolio companies and offer entrepreneurs a true landscape perspective on their industries. Crosslink Capital’s portfolio includes companies such as Pandora (P), Ancestry.com, Omniture (acquired by Adobe Systems), Equinix (EQIX), Carbonite (CARB), SeaMicro (acquired by Advanced Micro Devices), Intematix, DataStax, Flurry, Marin Software and Bleacher Report (acquired by Time Warner, Inc.). For more information on Crosslink, visit http://www.crosslinkcapital.com.

About Institutional Venture Partners (IVP)

?With $4 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. The partnership is currently investing IVP XIV, a $1 billion later-stage fund focused on investments in rapidly growing technology and media companies. Founded in 1980, IVP has invested in over 300 companies, 94 of which have gone public. IVP is one of the top performing firms in the industry and has a 32-year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (HPQ), Buddy Media (CRM), ComScore (SCOR), Concur Technologies (CNQR), Dropbox, Fleetmatics (FLTX), HomeAway (AWAY), Juniper Networks (JNPR), Kayak (KYAK), LegalZoom, LifeLock (LOCK), Marketo (MKTO), MobileIron, MySQL (ORCL), Netflix (NFLX), Omniture (ADBE), One Kings Lane, Polycom (PLCM), RetailMeNot, Seagate (STX), Shazam, Synchronoss (SNCR), Tivo (TIVO), Twitter, and Zynga (ZNGA). For more information, visit http://www.ivp.com or follow IVP on Twitter: @ivp

About Venrock

?Originally established as the venture capital arm of the Rockefeller family in 1969, Venrock continues an eight-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. With a primary focus on technology and healthcare, portfolio companies have included Adify, Apple Computer, Athenahealth, Centocor, Check Point Software, DoubleClick, Endeca, Gilead Sciences, Idec Pharma, Imperva, Illumina, Intel, Millennium Pharma, SlideShare and Tudou. For more information, please visit Venrock’s website at http://www.venrock.comand follow the firm on Twitter at @venrock.

About BlackRock

?BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide.  At March 31, 2013, BlackRock’s AUM was $3.936 trillion.  BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®.  Headquartered in New York City, as of March 31, 2013, the firm has approximately 10,600 employees in 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.  For additional information, please visit the Company’s website at www.blackrock.com.
 

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