Stockholm (NordSIP) – Ethic, a New York-based sustainable asset manager, announced it had successfully raised US$ 13 Million in Series A Funding. This latest round will support its continued growth in the registered investment advisor (RIA) and wealth management space through expansion of its engineering, client service and business development teams.
Founded in 2015 by Johny Mair, Doug Scott and Jay Lipman, Ethic is a sustainable, technology-driven asset manager whose mission is to accelerate the global transition to sustainable investing. Its large scale sustainable equity portfolios are designed to tightly track specific benchmarks to empower wealth advisors to engage with their clients on the issues important to them. This latest funding round represents almost double the company’s previous US$6.8 million funding round, which it closed in October 2018.
“The last big shift in wealth management was from active to passive investing. We are now in the midst of the next revolution in wealth management, characterized by a shift to personalized investing, which we believe will disrupt the traditional model of financial product creation,” said Doug Scott, CEO at Ethic. “We’re delighted to welcome new partners who are committed to providing their expertise in order to accelerate the global transition to sustainable investing.”
Nyca Partners – an existing investor – led the funding round, followed by top-tier institutional and sustainable investors, including Fidelity Investments and Sound Ventures, a venture capital fund founded by Ashton Kutcher and Guy Oseary, as well as ThirdStream Partners, Urban Innovation Fund and Kapor Capital.
“That’s what we think is the most striking attribute of Ethic: we believe it is pioneering the future of equities investing,” said Hans Morris, managing partner of Nyca Partners. “Every investor can create an individual portfolio customized to the environmental, social and governance factors that matter to them most. The effects can be enormous as Ethic is effectively powering a personalized ETF for everyone. We are very excited about Ethic’s vision and management team.”