Pentech backs Nutmeg with £3.4m

The firm, which will launch publicly later this summer, also received investment from individual investors Daniel Aegerter, Tim Draper and Klaus Hommels, who have been involved in Armada Investment Group, Skype and Hotmail, and Spotify respectively.

Company
London-based Nutmeg is an online investment manager, aiming to offer straightforward and transparent savings and investments via the Internet.

Users will be able to create a portfolio with a lump sum of at least £1,000, and move, top-up or withdraw money online. Nutmeg will charge an annual 1% management fee and offer a loyalty scheme to enable users to reduce the fees they pay.

Nutmeg will launch later this year.

People
Craig Anderson led the investment for Pentech Ventures. Nick Hungerford is CEO of Nutmeg.

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