Micro-investment platform Wombat has raised £4.2 million in a Series A funding round led by Fuel Ventures and which included crowdfunding of £3m.
The London-based company, backed by 899 investors on Crowdcube in its latest round, first dipped its toes into crowdfunding a few years ago.
However its latest campaign has had the biggest impact and follows a seed funding round of £2m led by Fuel Ventures last year.
Wombat allows users, who may be investment newcomers, to get started with just £10. The platform offers ‘automatic’ features which help users invest regularly and build a diverse portfolio.
The London-based company allows users to invest in a range of curated themes such as ‘The Green Machine’, which looks to appeal to social-conscious investors. Shares on offer include household company names such as Apple, Ocado and Netflix.
“Our goal is to make investing in the stock market relatable and less scary,” CEO and founder Kane Harrison said previously.
The platform has a LearningHub which simplifies complex investment processes for the newcomer.
Wombat will use the latest support to expand into Europe and further develop its products, according to Harrison.
The company was reported to have 200,000 users in December 2021, but now looks to tap into a potential market of 100 million.