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Personal Capital completes series E funding after hitting key growth target

Personal Capital has concluded a series E round of funding after IGM Financial Inc. completed the final tranche of a $75 million investment in the digital wealth adviser.

IGM Financial's $25 million investment was contingent upon Personal Capital hitting a key growth target by adding $1.5 billion under management in the last year. In May, the Winnipeg-based financial services company made an initial $50 million investment in Personal Capital, while agreeing to contribute an additional $25 million if the company reached the milestone by the second quarter of 2017. Personal Capital closed the series E round with $3.4 billion in assets under management, an increase of more than 80% over the past 12 months.

The transaction was valued at approximately $500 million, Personal Capital said, more than double the valuation of the series D funding round.