Micro-investing platform Wombat has closed its Series A funding round in a bid to support its growth plans.
The firm has raised more than £4m ($4.74m, €4.74m) to fund product launches and international expansion, where it will first look to enter the European market.
The funding round was led by venture capital firm Fuel Ventures, which first invested in the business in 2020.
A four-week crowdfund also gave Wombat users and broader community access to the round and closed 300% over target, leading to a total raise of £4.2m.
Wombat gives investors access to its range of theme-based exchange-traded funds (ETFs) and curated UK, US and EU fractional shares.
It has also appointed industry figures to its advisory board including David Davies, former chief investment officer at Hargreaves Lansdown, Iqbal Gandham, former managing director at EToro and Chad West, ex-Revolut communications director.
Help ‘budding’ investors
Kane Harrison, chief executive and co-founder of Wombat, said: “Wombat has come a long way in the last three years and closing this funding round is another key milestone on our journey to help more budding investors embrace the habit of saving and investing for their futures.
“Against a hugely challenging macroeconomic backdrop, we felt it was appropriate to seek funding with a fair valuation and we feel our decision was rewarded with a raise that will help us achieve our immediate goals in terms of growth, expansion into Europe and product development.
“We would like to thank all the investors who have supported us and see our potential for growth given our progress to date and the huge opportunity in front of us. The funding will help us deliver on our plans to encourage millions of people to invest and safeguard their futures while offering them a range of engaging and compelling ways to do so.”
