Nutmeg, a London, UK-based start up that operates an online investment manager which will be publiclly launched later this summer, has raised £3.4m (approximately $5.3m) in funding.
The round was led by Pentech and Daniel Aegerter, with participation from Tim Draper and Klaus Hommels.
Led by CEO Nick Hungerford, Nutmeg is developing an investing service that offers a transparent way of making savings and investments work intelligently towards real-life goals. Users can create diverse portfolios with a sum as low as £1,000 (or monthly contributions of only £100), and move, top-up or withdraw their money.
The service is regulated by the FSA.
The company is currently accepting members who will be able to begin investing when the service opens to the public.