Wombat closes £4m Series A round, eyes European expansion
After building up an advisory board of industry figures Wombat has finally closed its Series A funding round.
Investment app Wombat has closed a £4m Series A funding round as it looks to international expansion.
In August of 2021, the company first announced its plans for a Series A funding round, targeting a raise of £10m.
Fuel Ventures, Wombat’s long-term backer, led the round, which also included approximately a quarter of the total funding coming from a recent crowdfunding campaign on Crowdcube.
Wombat, which launched in 2017, offers retail investors access to thematic exchange-traded funds (ETFs) as well as UK, US and EU fractional shares.
“Against a hugely challenging macroeconomic backdrop, we felt it was appropriate to seek funding with a fair valuation and we feel our decision was rewarded with a raise that will help us achieve our immediate goals in terms of growth, expansion into Europe and product development,” says Kane Harrison, CEO and co-founder of Wombat.
The company says it will use the funds to accelerate plans to expand internationally, firstly into Europe although gave no timeline of its first launch outside of the UK.
It recently added a number of industry figures to its advisory board including David Davies, former CIO at Hargreaves Lansdown, Iqbal Gandham, former MD at eToro and Chad West, ex-Revolut communications director. Last month it announced that Fazal Yameen, formerly of US investment unicorn Stash, had also joined.