Tiller Investments, the newest robo-advice business in the UK, is seeking £7 million in a new fundraising round due to close in January.
The company, set up in July by Ian Cadby and Jonathan Wauton, has so far raised a total of £11.7 million. It is now holding a series B fundraise, with just under £2.5 million already subscribed.
Chief executive Cadby said the money raised will be spent on further developing the firm’s technology, as well as advertising and bringing more people on board.
He added that the firm is in discussions with a number of wealth firms about its business to business service, which will require some capital to be put aside as well. ‘We opened the doors at the end of July and we deliberately didn’t do any advertising or marketing. What we did was take on board the clients that found us. After this [fundraise] we will flex our muscles and tell the world we are out there and that we exist,’ Cadby said.
Cadby pointed out that despite the volatility around Brexit, raising £2.5 million in the first three weeks of the fundraising shows that there is interest in fintech businesses.
In addition, the holding company of Tiller, Sequential Ermitage, is EIS approved and some of the monies raised have been via EIS subscription, the firm said.
It now has 22 people across its London and Jersey offices and Cadby and Wauton are looking to increase that to 35 in two years’ time.