Goldman Sachs Principal Strategic Investments, investment bank Goldman Sachs’ strategic funding vehicle, co-led a $45m ($58.3m) round for UK-based digital wealth manager Nutmeg on Tuesday.
The round was co-led with Convoy, the financial advisory firm that reportedly provided almost $30m of the $52m Nutmeg raised in its last round, a series D that closed in December 2016.
Founded in 2011, Nutmeg runs an online investment management platform that allows users to build a portfolio of diversified global assets, helping each user to establish a portfolio in under 10 minutes.
Martin Stead, Nutmeg’s chief executive, said: “This will enable us to continue to deliver on our objective to be the most trusted and fastest growing digital wealth manager in the world, by delivering innovative new products and features that expand our offering.
“This funding will also enable us to expand, with an international [business-to-business] plug-and-play partnership model which leverages our proprietary technology and our operational expertise.”
The company has now received approximately $148m in funding altogether. The 2016 round also featured Taipei Fubon Bank, part of financial services firm Fubon Financial Holdings, which supplied $14.8m, as well as Schroders, Balderton Capital, Armada Investment Group, Pentech and Nigel Wray.
Nutmeg’s earlier funding had come from Pentech, Schroders, Balderton, Draper Associates and private investors including Armada chairman Daniel Aegerter, Tim Draper, Charles Dunstone and Klaus Hommels.
