# Ethic funding: rounds and investors > Ethic has raised $89M across 3 rounds since 2018. Investors include Nyca Partners, Kapor Capital and Sound Ventures. Every round with its source. Source: https://millionrounds.com/company/ethic (Millionrounds; every figure on the page links to its filing or article) United States · [Growth startup](https://millionrounds.com/companies) # Who invested in *Ethic* 3 rounds we have observed, with the 13 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. Fintech Follow Ethic and see its new rounds in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Fcompany%2Fethic) Funding summary Updated 5 Nov 2026 **$89M** raised across 3 rounds since 2018, from 4 sources **$6.8M** Round **$18M** Series A **$64M** Growth - **Latest round:** Growth, $64M Apr 2025 - **Led by:** State Street Corporation and State Street Global Advisors - **Step-up i:** 3.6× - **Investors:** 13 (3 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2019 2020 2021 2022 2023 2024 2025 **$6.8M** Round **$18M** Series A **$64M** Growth - **First round:** Round, $6.8M - **Biggest round:** $64M - **Usual gap between rounds:** 5.8 years [**Ethic** Asset management 1 / 8 Their pitch deck **Ethic's pitch deck, 8 slides** Each slide read for what it argues, against the decks that raised at the same stage.](https://millionrounds.com/decks/ethic) ## The rounds - **Apr 2025** Growth **$64M** *6 new* *3 returning* [State Street Corporation](https://millionrounds.com/fund/state-street-corporation) Lead [State Street Global Advisors](https://millionrounds.com/fund/state-street-global-advisors) Lead [Y Combinator](https://millionrounds.com/fund/y-combinator) [500 Global](https://millionrounds.com/fund/500-startups) [Kapor Capital](https://millionrounds.com/fund/kapor-capital) [Nyca Partners](https://millionrounds.com/fund/nyca-partners) [UBS](https://millionrounds.com/fund/ubs) [Sound Ventures](https://millionrounds.com/fund/sound-ventures) [Fifty Years](https://millionrounds.com/fund/fifty-years-industries-llc) Reported by AlleyWatch and 1 other SEC filing: $44M sold, first sale Jan 2025 - **Jul 2019** Series A **$18M** *3 new* *3 returning* [Nyca Partners](https://millionrounds.com/fund/nyca-partners) Lead [Fidelity](https://millionrounds.com/fund/fidelity) [Kapor Capital](https://millionrounds.com/fund/kapor-capital) [Sound Ventures](https://millionrounds.com/fund/sound-ventures) [Urban Innovation Fund](https://millionrounds.com/fund/urban-innovation-fund) [Thirdstream Partners](https://millionrounds.com/fund/thirdstream-partners) Reported by FinSMEs SEC filing: $20M sold, first sale Jun 2019 - **Oct 2018** Round **$6.8M** *4 new* [Kapor Capital](https://millionrounds.com/fund/kapor-capital) [Nyca Partners](https://millionrounds.com/fund/nyca-partners) [Thirdstream Partners](https://millionrounds.com/fund/thirdstream-partners) the Urban Innovation Reported by FinSMEs ## Funding filed with regulators Ethic filed 4 raises, $143M in all. Filings say how much was sold and to how many investors; they never name the investors. - Jan 2025 **$44M** 1 investor SEC Form D - Apr 2022 **$50M** 18 investors equity SEC Form D - Dec 2020 **$29M** 13 investors equity SEC Form D - Jun 2019 **$20M** 58 investors equity SEC Form D ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Round** 2018 **Series A** 2019 **Growth** 2025 [Nyca Partners](https://millionrounds.com/fund/nyca-partners) L [Kapor Capital](https://millionrounds.com/fund/kapor-capital) [Sound Ventures](https://millionrounds.com/fund/sound-ventures) [Thirdstream Partners](https://millionrounds.com/fund/thirdstream-partners) [State Street Corporation](https://millionrounds.com/fund/state-street-corporation) L [State Street Global Advisors](https://millionrounds.com/fund/state-street-global-advisors) L [Y Combinator](https://millionrounds.com/fund/y-combinator) [500 Global](https://millionrounds.com/fund/500-startups) [Fidelity](https://millionrounds.com/fund/fidelity) [UBS](https://millionrounds.com/fund/ubs) ## Everyone who backed them [Nyca Partners](https://millionrounds.com/fund/nyca-partners) VC firm **3** rounds, led 1 [Kapor Capital](https://millionrounds.com/fund/kapor-capital) VC firm **3** rounds [Sound Ventures](https://millionrounds.com/fund/sound-ventures) VC firm **2** rounds [Thirdstream Partners](https://millionrounds.com/fund/thirdstream-partners) VC firm **2** rounds [State Street Corporation](https://millionrounds.com/fund/state-street-corporation) Corporate VC **1** round, led 1 [State Street Global Advisors](https://millionrounds.com/fund/state-street-global-advisors) VC firm **1** round, led 1 [Y Combinator](https://millionrounds.com/fund/y-combinator) Accelerator **1** round [500 Global](https://millionrounds.com/fund/500-startups) Angel **1** round [Fidelity](https://millionrounds.com/fund/fidelity) VC firm **1** round [UBS](https://millionrounds.com/fund/ubs) Wealth manager **1** round [Fifty Years](https://millionrounds.com/fund/fifty-years-industries-llc) VC firm **1** round [Urban Innovation Fund](https://millionrounds.com/fund/urban-innovation-fund) VC firm **1** round the Urban Innovation no record of our own yet **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=ethic). ## Also claim to have backed them These 5 firms list Ethic as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above. [Farvatn Venture](https://millionrounds.com/fund/farvatn-venture) Family office Per its own site [Drumbeat Ventures](https://millionrounds.com/fund/drumbeat-ventures) VC firm Per its own site [Planet 9 Capital](https://millionrounds.com/fund/planet-9-capital) VC firm Per its own site [Planet 9 Venture](https://millionrounds.com/fund/planet-9-venture) VC firm Per its own site [SAGANA](https://millionrounds.com/fund/sagana) Family office Per its own site ## Quick answers about Ethic ### Who invested in Ethic? Ethic's investors include Nyca Partners, Kapor Capital, Sound Ventures, Thirdstream Partners and State Street Corporation, and 8 more on record. State Street Corporation led its latest round. ### How much has Ethic raised? Ethic has raised $89M across 3 rounds since 2018. ### When did Ethic last raise? Ethic's most recent round was a Growth of $64M in Apr 2025, led by State Street Corporation. ### What was Ethic's biggest round? Its most recent round, $64M in Apr 2025, is also its largest on record. ### Who backed Ethic first? Ethic's first round on record, in Oct 2018, was backed by Kapor Capital, Nyca Partners and Thirdstream Partners and 1 others. ### What stage is Ethic at? Ethic's latest named round is a Growth, in Apr 2025. ### Where is Ethic based? Ethic is based in the United States. ### Who led Ethic's rounds? Nyca Partners led the Series A in 2019; State Street Corporation led the Growth in 2025. ## Companies like Ethic In the same sector, and raised in the last eighteen months. [**Pathfinder** $13M · Nov 2026](https://millionrounds.com/company/pathfinder)[**Clark** $11M · Nov 2026](https://millionrounds.com/company/clark)[**Midstream Health** $27M · Oct 2026](https://millionrounds.com/company/midstream-health)[**Settle** $103M · Oct 2026](https://millionrounds.com/company/settle)[**Collective** $219M · Oct 2026](https://millionrounds.com/company/collective)[**SpendRule** $6.0M · Oct 2026](https://millionrounds.com/company/spendrule) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app