Tumelo, a transparency and engagement solution for investors, has scored £1m in its seed funding round.
The funding was supplied by a group of unnamed investors, which included singer-songwriter Peter Gabriel.
With the fresh equity, the startup hopes to improve platform and strengthen its team with developers and UX specialists.
The platform empowers investors to make a positive impact with their money by showing where they have invested and giving them tools to take actions inline with their values. This includes voting as shareholders, joining campaigns to change company behaviour, and switching to ethical fund and pension options.
Tumelo built its platform with the support of Addleshaw Goddard’s AG Elevate, a 10-month initiative where FinTech lawyers offer mentoring and legal guidance to startups.
Addleshaw Goddard advised Tumelo on the latest funding round.
Tumelo CEO and co-founder Georgia Stewart said, “Tumelo began life as a university activism campaign. We fought to change the way Cambridge University invested its £6 billion endowment pot. Our campaign was globally successful, and off the back of it, we knew we had to harness the passion of individual investors to influence further change.
“Aside from our political vote, we think – as individuals – that we only have influence at grass roots levels, such as going vegan or reducing plastic use. But that’s not true. We are all impact investors – wherever our money is right now – and to influence real change from the top we need to vote with our investments, sending a message to companies that it’s not profit alone we care about but also our future.”
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