REDWOOD CITY, CA--(Marketwire - Aug 26, 2011) - Personal Capital came out of stealth mode today and announced that it has raised a total of $25 million in venture financing. The financing includes a Series A round led by Institutional Venture Partners (IVP), and a Series B round led by Venrock with IVP also investing.

Personal Capital will soon be launching a next-generation financial advisor, delivering truly personalized money management services utilizing a high-tech and high-touch approach to customers in all 50 states. Personal Capital's vision is to create a new model for financial services that is built around each customer's unique and complete financial picture.

Personal Capital is led by a team of technology and financial services executives, including former PayPal and Intuit CEO, Bill Harris (Chief Executive Officer), EverBank co-founder and former Fidelity Investments Personal Trust Company President, Rob Foregger (Chief Strategy Officer), former E-Loan CIO, Jay Shah (Chief Information Officer), among several others with deep pedigrees in financial services and financial technology.

"We've seen the move from traditional banking to online banking, and the move from traditional brokerage to online brokerage. The world is ready to move from the traditional advisor to a next-generation financial advisor. We believe this has the potential to become a predominant financial services model over the coming decade," said Bill Harris, Personal Capital CEO. "We're creating a new way for individuals to manage their complex financial lives in a way that matches their unique needs. Our goal is to reset expectations about what a financial service can do."

"Personal Capital has the opportunity to create a new service that shifts the balance of power from Wall Street to the individual consumer," said Steve Harrick, General Partner at IVP and a member of Personal Capital's Board of Directors. "Few companies have an opportunity of this magnitude, but even fewer companies have a team like Personal Capital -- a team of leaders from the most innovative companies in financial services and technology. We believe Personal Capital has the potential to transform the entire personal financial management industry for the better."

"There are now more mutual funds than individual stocks. Customers don't want another investment product, they want a personalized new way to protect, manage and grow their money," said Brian Ascher, partner at Venrock and new addition to Personal Capital's Board of Directors. "It's time to bring real wealth management, once only available to investors with $10 million in investable assets, to the mass affluent. We think the time is now, and this is the team to do it."

About Personal Capital
Personal Capital is America's next-generation financial advisor, giving individuals with complex financial lives a better way to manage their financial lives. The company will offer a full suite of customer-centric retail investment management, banking and personal finance services previously only available to wealthy families. The founding team is comprised of some of the nation's leading financial and technology executives. Personal Capital is based in Redwood City, CA.

About Institutional Venture Partners (IVP)
With $3 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. The partnership is currently investing IVP XIII, a $750 million later-stage fund focused on investments in rapidly growing media and technology companies. Founded in 1980, IVP has invested in over 300 companies, 88 of which have gone public. IVP has a 30 year IRR of 43.2% and is one of the top performing firms in the industry. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (HPQ), Aspect Communications, ComScore (SCOR), Concur Technologies (CNQR), Danger (MSFT), Digital River (DRIV), HomeAway (AWAY), Juniper Networks (JNPR), Kayak, LegalZoom, LivingSocial, MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), Seagate (STX), Synchronoss (SNCR), Tivo (TIVO), Twitter and Zynga. For more information, visit http://www.ivp.com or follow IVP on Twitter at @ivp.

About Venrock
Venrock is a leading venture capital firm with offices in Palo Alto, CA; New York, NY; and Cambridge, MA. Originally established as the venture capital arm of the Rockefeller family, Venrock continues an eight-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Athenahealth, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock's website at www.venrock.com and follow the firm on Twitter at @venrock.