Micro-investing firm Wombat has successfully concluded a £4 million Series A funding round aimed at supporting upcoming product launches and plans for international expansion.
The round was led by Fuel Ventures, a long-time supporter of the company that first invested in 2020. Additionally, a four-week crowdfunding campaign allowed Wombat users and the wider community to participate, exceeding its target by 300% and ultimately raising a total of £4.2 million.
Wombat, recognized by App Radar as the fastest-growing investment app in 2021, has witnessed a significant influx of novice investors—its primary demographic—seeking access to its range of theme-based exchange-traded funds (ETFs) and curated fractional shares from the UK, US, and EU.
With the recent Series A funding secured, Wombat is set to expand internationally, beginning in Europe, where it identifies a total addressable market of 100 million potential users. The funds will also enable the company to increase its marketing efforts and invest in product development.
Kane Harrison, CEO and co-founder of Wombat, stated, “Given the challenging macroeconomic environment, we believed it was essential to seek funding at a fair valuation. We feel our decision has paid off, providing us with the resources needed to achieve our immediate goals of growth, European expansion, and product development.”