Wealthfront, an automated investment service, has secured $35 million in new funding led by Index Ventures and Ribbit Capital, with participation from existing investors The Social+Capital Partnership, Greylock Partners and DAG Ventures, as well as several individuals. With accounts ranging in size from $5,000 to $10 million, the company enables users to create investment portfolios and not have to worry about capital management, management fees or commission fees; the service is free for accounts under $10,000. Wealthfront aims to maximize gains by offering features like tax-aware asset allocation, tax-loss harvesting and passive investing.
Wealthfront has racked up about $65 million in funding to date. It last raised $19.8 million of Series D funding (also led by Index) at an $86 million valuation in March 2013. After 2.5 years of operation, the company now manages $800 million in assets, making it one of the largest software-based investment firms.