Wealthsimple 610M Meritech GreyLock Etherington TechCrunch
Wealthsimple, an innovative and industry-leading fintech platform, has recently attracted a whopping $610 million in funding from Meritech, GreyLock Ethereington, and other investors. This huge funding round was reported by TechCrunch and cements Wealthsimple’s status as one of the most successful fintech companies in the world right now. This article will discuss the details and implications of this funding round, as well as take a closer look at the participating investors.
Overview of the Funding Round
The funding round was announced by whopping $610 million in funding from Meritech, GreyLock Ethereington the identities of the investors were kept private for the most part. It is now known that Meritech and GreyLock Ethereington were two of the key investors in this funding round. Through publicly-released documents, it was revealed that Meritech dropped in a cool $500 million, while GreyLock Ethereington contributed $100 million. Wealthsimple’s total valuation is now estimated at around $2.2 billion.
The whole funding round was conducted under a “unicorn round” scenario, which features a heightened level of confidentiality and privacy between the company receiving the funding and the investors. Despite the unicorn-style setup, it was disclosed that the company’s existing investors—including Bedrock Capital, Allianz XL, and TD Wealth Management—all contributed funds in the form of lead or follow-on investments.
Key Investors in the Funding Round
Meritech is a Silicon Valley-based venture capital firm founded in 1999 by Paul Madera and Chris Shultz. Meritech is one of the most respected and renowned venture capital firms in the US and has invested in numerous tech companies including AppDirect, Coupa, Dropbox, MuleSoft, and several others. Meritech is a returning investor, having previously contributed to Wealthsimple’s Series C funding.
GreyLock Ethereington on the other hand is a much more recent arrival to the venture capital and fintech industries. Founded in 2018 by its CEO, Laura Thornton, GreyLock Ethereington is a venture capital firm that invests in companies across many industries, including fintech, internet-software, and healthcare services. Laura Thornton is an experienced venture capitalist and was formerly a major executive of venture capital firm Goldman Sachs.
Implications of the $610 Million Funding Round
Wealthsimple is by far the most successful fintech startup that has ever been created in Canada. The company’s long-term goal is to become the world’s leading financial services provider, and this $610 million round of funding is certainly a testament to their ambition. Wealthsimple’s CEO Mike Katchen has expressed his delight for the new funding round, saying:
“We are proud to have secured this level of investment led by Meritech, GreyLock Ethereington, and our other new and returning investors. This vibrant support from a highly diverse group of investors is a testament to the success and potential of Wealthsimple’s industry-leading tech platform.”
This new round of funding is also important in that it signifies institutional-level interest in Wealthsimple’s services and products. Financial institutions such as Bedrock Capital, Allianz XL, and TD Wealth Management are likely to provide a tremendous amount of support and advice to Wealthsimple, which will help them in their ambitious quest to become the world’s leading financial services provider.
Wealthsimple has reached a new milestone with its recent $610 million round of funding. Meritech and GreyLock Ethereington are two of the biggest investors in this funding round alongside many other institutional-level investors.
This massive funding round will accelerate the growth and development oF whopping $610 million in funding from Meritech, GreyLock Ethereington fintech platform and help it become one of the world’s leading financial services providers.