At Wealthfront, our mission is to provide the high-quality financial advice offered by the best financial institutions and private wealth managers, without the high account minimums or costs.
Our assets under management have grown more than 70% just since the beginning of 2013.
When we launched our flagship service in December 2011, we hoped investors would love our extremely simple, transparent service informed by top academic research. Since that launch, we've relentlessly improved the product with features like automatic rebalancing, continuous tax-loss harvesting, differentiated asset location for tax-efficiency and a broadened set of diversified asset classes.
Judging by the growth in our assets under management (AUM), our clients really seem to like what we're doing. In the little more than one year we have offered our service, our clients have entrusted us to manage over $170 million of their assets. Our assets under management have grown more than 70% just since the beginning of 2013.
Disrupting an industry that manages trillions of dollars requires partners who share our vision. Today, we're proud to announce that we have closed our second round of institutional financing of $20 million with some of the best investors in technology. Mike Volpi of Index Ventures will lead the round, joined by Chamath Palihapitiya of The Social+Capital Partnership and Reid Hoffman of Greylock Partners. Our new investors are joined in the round by the lead investor of our first institutional round, John Cadeddu of DAG Ventures. We're flattered and excited that these extraordinary partners share our long-term vision.
Our new institutional investors will be joined by a number of notable individuals, including Matt Mullenweg, Andy Dunn, Adam D'Angelo, Michael Schroepfer, Hunter Walk, Cipora Herman, and Satya Patel, among others.
We're fortunate to have some of the most innovative minds in technology to assist us as we pursue the next phase of Wealthfront's growth.
Wealthfront is unique among financial services companies in that we derive our value from our underlying software. Our corecore is our engineering-centric culture, which means we will leverage our new financing to significantly grow our product and engineering team.
2013: A Year of Innovation & Growth
Building a great company takes great leadership, and we've been working hard to assemble the best possible executive team for our next phase of growth. Burt Malkiel and I joined last fall. We are happy to report that Elliot Shmukler has joined Wealthfront as our new Vice President of Product & Growth, and Avery Moon has come on board as Vice President of Engineering. Most people find their career-defining moments happen when they have the opportunity to work with exceptionally talented people. I feel blessed to have the opportunity to work with Elliot and Avery on yet another market-changing company. We're fortunate to have them on our team.