Balderton-backed Nutmeg raises £30m

Existing backers include Pentech Ventures, European asset manager Schroders, Armada Investment Group and business angel Nigel Wray. For this round, they were joined by Convoy, a Hong Kong-based financial advisory firm.

The funding will be used to create more products and services, and to further expand across the UK. Nutmeg claims to manage £500m for 20,000 customers.

Previous funding
In June 2012, Pentech backed a £3.4m funding round for Nutmeg. The startup also received investment from individual investors Daniel Aegerter, Tim Draper and Klaus Hommels.

In June 2014, Balderton took part in a $32m funding round for Nutmeg alongside Carphone Warehouse founder Charles Dunstone, asset manager Schroders and business angel Michael Spencer.

Company
Founded in 2010, with its service launched publicly in 2012, London-headquartered Nutmeg provides online wealth management. It offers portfolio management for a minimum investment amount of £1,000.

People
Balderton Capital – Tim Bunting (partner).
Nutmeg – Nick Hungerford (CEO).

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• Topics
• Expansion
• UK / Ireland
• Financials
• United Kingdom
• Balderton Capital
• Venture