Chip has made significant strides by securing its inaugural institutional investment, as Channel 4 Ventures, the venture capital arm of the UK television station, has invested £6 million into the digital wealth app, valuing the company at £208 million.
Since its inception in 2017, Chip has amassed over 400,000 active users who utilize the app to facilitate their saving and investing activities, managing a total of £6 billion in assets. Previously, the company had relied on crowdfunding campaigns to generate tens of millions of pounds. This collaboration with Channel 4 Ventures not only provides essential funding but also enhances Chip’s visibility, allowing the brand to reach millions through television exposure.
In light of the investment from C4V, Chip is collaborating with Crowdcube to create a private investment window for existing retail investors, ensuring their stakes remain intact ahead of another public crowdfunding initiative. Moreover, Chip and Crowdcube are set to launch an annual share sale register, enabling investors to sell portions of their holdings sooner than expected. This register, managed by Crowdcube, will serve as a marketplace to connect sellers with prospective buyers.