HelloWallet, the Washington, DC based startup that provides people and employees of companies with web based financial planning software has just announced a raise of $12 Million in a Series B round.
Morningstar, Inc. invested $6.75 million and TD Fund (TDF) invested $4 Million. The team indicated that existing investors also participated in the new round.
Morningstar and HelloWallet plan to co-market their services to employers and 401(k) providers and in the future expect to further integrate their services. HelloWallet has sold more than 300,000 subscriptions since it launched its enterprise application in mid-2011, and is now working with some of the largest companies in the country.
Brock Johnson, president of retirement solutions for Morningstar, and Jim Pastoriza, managing partner at TDF, will be joining HelloWallet’s board of directors. Other members include Carter McClelland, chairman of Union Square Advisors; Don Rainey, general partner at Grotech Ventures; Tige Savage, managing director at Revolution LLC; Revell Horsey, president at HelloWallet; and Matt Fellowes, chairman and CEO of HelloWallet.
HelloWallet raised $3.6 Million in early May of 2010 as part of a Series A round. That round included Grotech Ventures and Jean and Steve Case.