Balderton et al. invest $32m in Nutmeg

The venture house invested in the business alongside Carphone Warehouse founder Charles Dunstone, asset manager Schroders and business angel Michael Spencer. Both Dunstone and Spencer are also customers of Nutmeg.

The fresh capital will be used for product development and to expand its customer base.

Previous funding
Nutmeg first received funding in June 2012, securing £3.4m from Pentech Ventures alongside Armada Investment Group chairman Daniel Aegerter, Skype investor Tim Draper and Spotify board member Klaus Hommels.

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

The company claims to have more than 35,000 registered users and experienced a customer acquisition growth rate of 350% for Q1 this year, compared with the same period in 2013.

People
Nick Hungerford is the CEO of Nutmeg. He founded the company alongside CTO William Todd. Tim Bunting is a partner at Balderton.

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