By Oliver Smith on Friday 21 June 2019
After raising £45m in January from Goldman Sachs and Convoy, Nutmeg's follow-on round is set to beat expectations.
After raising £45m in January from Convoy and Goldman Sachs, Nutmeg yesterday smashed its follow-on crowdfunding round by 250% in a matter of hours.
“Our customers are our greatest advocates and we wanted to give them an opportunity to invest in, as well as with, a business they’ve helped to make a success.”
Nutmeg’s crowdfund is priced in line with its Series E round and places crowd investors in the same preference share class and Convoy, Goldman and its other institutional investors.
While the original plan for the crowdfund was to sell 1% of the company’s ownership—valuing the business at £251m fully diluted, pre-money–Nutmeg said it is working with existing shareholders to increase the stake available for additional investors to take part.
“All of our shareholders – institutional and crowd – have my commitment that everyone at Nutmeg HQ will work tirelessly to deliver shareholder value,” said Stead.
Nutmeg is just the latest example of fintech and crowdfunding going hand-in-hand.
Monzo likewise has raised several oversubscribed rounds of crowdfunding.