Breaking News
Netwealth Raises a further £10.02 Million of Capital
Netwealth Investments Limited has completed a second round of capital subscription, raising £10.02 million of new capital. 13 new investors joined the 28 angels who provided initial capital of £6.57 million pre-launch, resulting in total funds raised to date of £16.6 million.
Charlotte Ransom, Chief Executive and co-founder of Netwealth, said today: “We are delighted that the vast majority of our existing shareholders are backing us in this second round, having experienced the business rollout over the last 18 months. We are also excited to have thirteen new shareholders who all share our vision of how Netwealth can bring important changes and improvements to the discretionary wealth management market.”
“Our growth over the past 18 months is a clear signal that cash-rich, time poor professionals are often either under-invested or unhappily invested with traditional providers. Our core demographic is 40-60 year old professionals who appreciate the benefits of a technology-enhanced service where they still have access to advisers if needed. This explains why the average account size is more than £300,000 with a significant proportion invested in SIPPs and ISAs. Many clients have also included parents and children in their Netwealth Network.*”
“With this further injection of capital we are now well funded to continue to invest in and grow the business over coming years, accelerating our growth trajectory and our client base with a group of supportive and involved shareholders.”
New investors in Netwealth include Dame Alison Carnwath, chairman of Land Securities; Julian Mash, founder and chief executive of Vision Capital; David Peacock and John Weiss, co-heads of corporate credit at Cheyne Capital; and Sir Alan Parker, founder and chairman of Brunswick.
Edward Bonham Carter, vice chairman of Jupiter Fund Management plc, who invested in both rounds of Netwealth’s capital raising, commented: “Netwealth has successfully positioned itself in the discretionary wealth management and advice market. I am optimistic about their potential for continued growth and further success in the years to come.”
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