UK-based digital investment manager Scalable Capital secured €30m ($33.5m) in a series B round on Tuesday that included Tengelmann Ventures, the corporate venturing vehicle for retailer Tengelmann.
The round was led by investment management company BlackRock and included venture capital firm HV Holtzbrinck Ventures. It is expected to close in the third quarter of 2017, subject to regulatory approval.
Founded in 2014, Scalable Capital has developed technology that generates investment portfolios based on a customer’s risk appetite and recent market developments. The company currently has €250m of assets under management from a total of more than 6,000 retail clients.
Scalable’s platform is able to handle multiple languages and currencies, and has the ability to operate across multiple international tax and regulatory frameworks. It is currently active in the UK, Germany and Austria.
As part of the deal, BlackRock will assist Scalable Capital with business growth, particularly with financial institutions and corporate customers. Patrick Olson, the firm’s chief operating offer for Europe, the Middle East and Africa, will join Scalable’s supervisory board.
Scalable has now raised €41m in funding, according to a company statement. Tengelmann Ventures participated in a $7.9m series A round in April 2016 that was co-led by Holtzbrink Ventures, Monk’s Hill Ventures, German Startups Group and MPGI.
Holtzbrink, Monk’s Hill, German Startups Group and MPGI had previously supplied nearly €4m in capital for the company across two rounds in January and April 2015.