Online investment manager Nutmeg clinches £30m
Latest funding round will boost growth and enhance its offering to help expand its 20,000 strong user base
Nutmeg, the digital wealth manager, has taken its total investment to £54.9m with a £30m funding round led by Hong Kong-based Convoy and advised by Taylor Wessing.
Launched in 2012 by Young Gun Nick Hungerford, Nutmeg delivers tailored and automatic online portfolio management for anyone with as little as £500 to invest.
Today, the company manages over half a billion pounds for a base of more than 20,000 customers, who are enabled to create as many funds as they like and top up, transfer or withdraw at will.
As well as benefitting from Convoy’s financial advice and expertise, Nutmeg will use the funding to accelerate growth and expand its offering. The round follows a £21.2m raise in 2014, which was featured as one of the biggest of that year.
Martin Stead, CEO of Nutmeg, commented: “This investment cements our position as Europe’s leading digital wealth manager. We are delighted to welcome our friends at Convoy to our board.
“Convoy shares our huge ambition for the Nutmeg business and, with these new funds, we will be able to further scale and expand our business, bringing smart online investing and advice to more people.
Howard Palmer, corporate technology partner at Taylor Wessing, said: “We are delighted for Nutmeg on the outcome of this investment, which will further position them as an ambitious and innovative player in the competitive wealth management industry. We look forward to working with Stead and the team again soon as they continue to expand.”