Tumelo has raised over £15m in a Series A round.
Legal & General (L&G), Fidelity International Strategic Ventures (FISV), Nucleus Adventure Capital, Lance Uggla, former CEO of IHS Markit, and Jim Wiandt, founder of ETF.com are among the other investors. They join Tumelo’s existing investors, which include Jeremy Coller, the CIO of Coller Capital and the founder of the FAIRR Initiative, a collaborative investor network that promotes awareness of the investment risk posed by intensive livestock production.
Tumelo says the investment will help it expand its reach across the UK by improving the platform and allowing more investors to exercise their ownership rights. Following significant demand, it will also help Tumelo’s expansion into the US, Australia, and other market segments, the company says.
Tumelo CEO Georgia Stewart says: “Tumelo has transformed from a student campaign into a daring FinTech with a blossoming team. The incredible calibre of institutional and private investors who have committed to our vision and backed our growth is a testament to the strength of our mission, product, culture and execution to date. I am excited to work closely with them all to lift our product, team and achievements to the next level and bring shareholder democracy to the global financial system.”
Acorns and Say Technologies co-founder Jeff Cruttenden says: “Tumelo initially focused efforts on the European market and is now well-poised to take advantage of the growing focus on ESG and good stewardship within the US. Broker and 401(K) platforms want to engage and empower their investors, while asset managers and issuers are seeking greater insight on ESG from their own shareholders.”
Fidelity International Strategic Ventures Vice President Erik Mostenicky says: “Tumelo’s unique value proposition, enabling retail investors to have a voice on stewardship matters of public companies, is well-timed with current market developments. Active stewardship models are transforming the industry, and large asset managers have a duty to serve as conduits of capital for good stewardship. This global trend with regulatory tailwinds is driving change across the retail investment and pension markets; Tumelo is best placed to facilitate such progress.”
Legal & General Investment Management co-head of Defined Contribution Stuart Murphy says: “This is an exciting development, not just for Tumelo and our partnership, but for our clients and scheme members, who will benefit from an enhanced product offering as Tumelo continues to innovate and grow. The DC market is moving towards ‘expression of wish’ and split or pass-through voting, so we see the evolution of the Tumelo offering as an opportunity for L&G to remain at the forefront of the industry working with Tumelo and their partners both in the UK and overseas.”