London-based Fundpath, an intelligent data-driven SaaS platform, announced on Tuesday that it has secured £2M (approximately €2.3M) in a fresh funding round from Fuel Ventures.
This second round of funding follows the £4M (approximately €4.6M) investment made in March 2023. Additionally, the announcement comes as Fundpath reaches a key milestone, with 100 asset management firms onboarded.
The latest funding will allow the UK company to accelerate its product roadmap by further investing in people, technology, and data.
Fundpath Co-Founder & CEO, Jamie Hinchliffe comments, “Investment distribution is evolving fast, and we are continually tracking change, working tirelessly to achieve our mission of enabling a more effective and efficient marketplace. In a landscape of constantly shifting people, markets, and sentiment, Fundpath represents a single source of truth.”
Fundpath: Modernising fund buying process
Founded by Jamie Hinchliffe, Allan Goodridge, and Tom Porter in 2021, Fundpath modernises the fund-buying process by harnessing the power of collective data, AI, and technology.
The UK company’s platform uses AI and collective data to offer a simple and secure way for wealth managers to share information with the asset management industry, enabling clients a more effective way of buying and selling funds.
“Our two most recent milestones, passing the 100-client mark, and securing further investment from Fuel, demonstrate that what we’re doing is not only working but is genuinely leading this industry change,” adds Hinchliffe.
Data is gathered from more than 1,000 wealth management organisations in the UK, Channel Islands, and Ireland, then shared with fund distribution teams to help streamline communication, improving everyone’s professional lives.
Fuel Ventures: Backing disruptive and ambitious founders
Fuel Ventures’ ‘Follow-On EIS Fund’ and its newly launched ‘VCT Fund’ have selected Fundpath for a follow-on round of investment.
These vehicles back the strongest performers from Fuel’s ‘Scale-Up EIS Fund.’
Fuel, which invests in the growth of ambitious tech companies, evaluates more than 6,000 investment opportunities every year, investing in just 12-15 entities.
The announcement comes around a year after the VC announced a £100M (nearly €115.76M) investment fund to back tech startups in seed and pre-seed rounds to step up its investments in the UK tech ecosystem.
Fuel Ventures, managed by serial entrepreneur and investor Mark Pearson, has invested in over 140 startups from seed to series A rounds.
Fuel Ventures is primarily an early-stage investor in innovative, fast-growing startups with investments up to £250K for pressed ventures and £4M for seed to series A.
However, a small portion of its newest fund will be set aside for follow-on investments in its portfolio companies that are outperforming expectations and accelerating their growth.
Mark Pearson, Managing Director at Fuel Ventures says, “We continue to see enormous potential in the Fundpath value proposition. This is a company contributing to real progress, gaining significant traction, and establishing its position within its marketplace. Fundpath is fast becoming the central nexus of fund distribution and we’re excited to play a part in its growth.”
Read the orginal article: https://siliconcanals.com/news/startups/london-fundpath-secures-2-3m/
