Germany-based digital investment manager Scalable Capital received €50m ($58m) yesterday in a series D round backed by Tengelmann Ventures, a corporate venturing vehicle for retailer Tengelmann, EU-Startups reported.
The round included the rest of the company’s existing backers – HV Holtzbrinck Ventures, Blackrock, Monk’s Hill Ventures, German Startups Group, MPGI, Reiner Mauch, Rahul Mehta and Steffen Pauls – and an unnamed new investor. It was valued at $463m post-money, CEO Erik Podzuweit told TechCrunch.
Scalable Capital allows investors to build tailored investment portfolios based on their inclination to risk, with the ability to trade either through a robo adviser or directly through the broker. It has a total of 80,000 customers in Germany, Austria and the UK, and more than $2bn under management.
The company was co-founded by Stefan Mittnik, professor of financial econometrics and director of the Centre for Quantitative Risk Analysis at Ludwig Maximilian University of Munich.
The funding will go towards building out Scalable Capital’s wealth management, brokerage and business-to-business services. Its partners for the last of those already include financial services firms Barclays, Raffeisen Banking Group Austria and ING Deutschland.
Tengelmann Ventures, HV Holtzbrinck Ventures and Blackrock had all contributed to a $27.5m series C round for the company in August 2019.
Blackrock led Scalable Capital’s $33.5m series B round in 2017, with participation from Tengelmann Ventures and HV Holtzbrinck Ventures. The latter two had backed a $7.9m series A round the year before that also featured Monk’s Hill Ventures, German Startups Group and MPGI.
HV Holtzbrink Ventures, Monks Hill, German Startups Group and MPGI had previously contributed to $4.4m raised across two rounds in 2015, when angel investors Mauch, Mehta and Pauls also made their first commitment.
Image courtesy of Scalable Capital.
