A start-up billed as the UK’s first curated thematic and fractional investment platform has closed a £2 million funding round.
Wombat, which aims to serve consumers’ increasing appetite for shares investing, has been backed in a seed round led by Fuel Ventures. Headquartered in London, it has raised almost £2.7m to date.
The funding will be used to further develop the platform and open up access to fractional shares in global, household brands.
Thematic trading allows people to invest in shares without the complexity and cost that is so often associated with trading on the stock market.
It enables more than 62,000 users to invest and diversify their portfolio across 31 popular shares and its 22 theme-based curated funds. Curious users can invest as little as £10.
Shares on offer include well–known brands such as Apple, Tesla, Games Workshop, Ocado and Netflix. By curating funds based around relatable themes, Wombat allows the user to match their beliefs and interests with their investment choices.
Top trending funds include ‘The Techie’, ‘Pure Gold’ and ‘The Green Machine’, the latter of which aims to please the passionate social and impact savvy investor.
In the coming months Wombat will further expand the number of shares and funds on offer.
“A majority of people in the UK and Europe aren’t doing enough to save for their future. With banks providing all-time low interest rates, we have seen appetite for investing grow, many feel overwhelmed with the perceived complexity of handling shares,” said founder and CEO Kane Harrison, a serial entrepreneur and former trader.
“Our goal is to make investing in the stock market relatable and less scary. Some of the world’s most successful investors, like Warren Buffett, invest in companies and brands they know, use and understand. We want everyone to have that same mindset.
“This is why we focus on helping people own a part of those companies they have an affinity with. I for one am a massive fan of Elon Musk, Wombat makes it easy for me to be part of Tesla’s successful journey at a minimal cost.”
Mark Pearson, founder and managing partner of Fuel Ventures, added: “Kane and the Wombat team are breaking open the stock market for everyone and giving young people access to other saving opportunities.
“We haven’t seen a platform like this in Europe. Wombat is the first to help introduce regular, micro investing into the market – putting people’s concerns at ease by easy investing in things they understand.”
The investment sees Fuel Ventures join Wombat’s board alongside the continued support from Wombat’s angel investors Chris Adelsbach, a key investor in Atom Bank and Monese, James Moore, Trainline’s former UK General Manager amongst other prominent angels in the industry.