Vestwell Raises $385M Series E, Doubles Valuation to $2B

Core Insights - Vestwell has raised $385 million in Series E funding, doubling its valuation to $2 billion since December 2023, bringing total capital raised to $660 million [1][2] - The platform now has over two million active savers and $50 billion in assets, with annual recurring revenue exceeding $200 million [2] - Vestwell plans to expand distribution across payroll and benefits platforms, financial institutions, and government programs while enhancing AI-driven experiences [3][4] Funding and Valuation - The Series E funding round was led by Blue Owl Capital and Sixth Street Growth, with participation from Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures, and HarbourVest [1] - The funding reflects Vestwell's transition from a high-burn disruptor to a scaled infrastructure provider with defensible distribution channels [4] Platform Growth and Services - Vestwell serves nearly 30,000 plans and over 40 government programs, offering multilingual experiences in more than 20 languages with AI-powered assistance [5] - The company has launched or partnered to create multiple state auto-IRA programs across various states, enhancing its market presence [6]