Micro-Investing Firm Wombat Secures £4.2M in Series A to Boost International Expansion

Micro-investing firm Wombat has closed a £4 million Series A round to support forthcoming product launches and international expansion plans.

The round was led by long time backer Fuel Ventures, which first invested in the business in 2020. A four-week crowdfund also gave Wombat users and broader community access to the round and closed 300% over target, contributing to a total raise of £4.2m.

The company reports a recent upsurge in novice investors - its core demographic - flocking to its range of theme-based exchange-traded funds (ETFs) and curated UK, US and EU fractional shares.

With the Series A funding now in place, Wombat plans to expand internationally - first into Europe, where it estimates it has a total addressable market of 100m users - and increase its investment in marketing and product development.

Kane Harrison, CEO and co-founder of Wombat. "Against a hugely challenging macroeconomic backdrop, we felt it was appropriate to seek funding with a fair valuation and we feel our decision was rewarded with a raise that will help us achieve our immediate goals in terms of growth, expansion into Europe and product development."

(Source: Finextra)