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Nutmeg breaks crowdfunding target

Robo-adviser Nutmeg has raised £2.5m in a crowdfunding round of its customers.

The digital wealth manager was targeting £1m, but exceeded this within a few hours when the crowdfunding went live yesterday afternoon.

Some 1,000 investors have now taken a combined stake of around 1 per cent in the company.

They are entitled to the same preference share class as the recent institutional funding round co-led by Goldman Sachs in January.

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Crowdfunding investors who are not Nutmeg customers will have access to the round after existing clients were given early access.

Nutmeg chief executive Martin Stead says: “Our customers are our greatest advocates and we wanted to give them an opportunity to invest in, as well as with, a business they’ve helped to make a success.

“All of our shareholders – institutional and crowd – have my commitment that everyone at Nutmeg HQ will work tirelessly to deliver shareholder value. With their support, we’ll be able to help even more people reach their life goals with our award-winning investment strategy.”

For £5,000 in crowdfunding, investors get to become “super-users”, getting a first look at new product developments.

For £25,000, investors are entitled to VIP customer support, and for £50,000 Nutmeg will lower its fees for the duration of the investment.

For £100,000, crowdfunders will be able to take part in a roundtable with the firm’s chief investment officer.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Scott Gallacher 21st June 2019 at 9:14 am

    Wow – Loss making financial firm ‘raises’ £2.5m from its customers.

    What could possibly go wrong???????

  2. The rate they are burning cash is astonishing

  3. Crowd Funding – almost as efficient as flushing £20 notes down the toilet. I just cannot comprehend people doing this.

  4. And for £1, you get…..an investment loss of £1. Might as well buy a scratch card. Must have the same odds of success.

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