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OpenInvest adds “dark money” screen to bring political spending to light

ImpactAlpha, October 31 – The ethical robo-advisor launched a “Divest From Dark Money” investing category to enable investors to automatically divest from companies that fail to disclose political and lobbying spending and invest in firms that do.

San Francisco-based OpenInvest launched in 2015 to allow investors to customize their portfolios to match with their values through their caused-based investment screens.

The firm will determine companies’ policies and disclosure practices on political spending using the Center for Political Accountability Zicklin Index annual report, which in 2018 showed only 11% of S&P 500 companies fully disclose their political spending.

“Divest From Dark Money expects companies to be upfront about the policies they are trying to shape,” OpenInvest’s Claire Veuthey told ImpactAlpha. Other OpenInvest screens allow investors to back companies supportive of refugees and gender equality and that fight human trafficking.

The company closed a $10.4 million Series A round in July, and has raised $13.8 million to date.

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