InvestEngine, which aims to bring the ETF investment market to everyone, has closed its crowdfunding campaign on £1.4m.
The company raised more than double its initial target of £700,000. This crowdfunding campaign, which was held via the Crowdcube platform, received contributions from 1,192 investors. A total of 8.43% of its equity was sold at a price of £1.92 apiece.
It raised the capital at a pre-money valuation of £15.6m.
InvestEngine’s platform provides investors with a commission-free platform to back ETFs and create portfolios. Over 6,000 customers currently use InvestEngine.
The company claims that while EFTs are a great investment, only 15% of European retail investors back them, compared to 40% in the US. InvestEngine was built to change this.
Its fractional ETF investing helps users take full control of how much they invest, where they put their money and streamline portfolio top-ups, auto investments and one-click rebalancing.
Since it launched in July 2021, it claims to have experienced 30% monthly growth in active customers.
Another WealthTech company to surpass its crowdfunding target was Strabo. The company raked in £236,647 in its round, surpassing the initial goal of £175,000.
Strabo is a wealth analytics and a customisable investment dashboard, which aims to give retail investors the tools to improve their money management.
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