Bristol-based financial technology firm Tumelo has successfully completed a £15.3 million ($19 million) round of funding, its largest funding round to date.
The series A funding round was led by US-based fintech venture fund Treasury and investors include Legal & General Investment Management and Fidelity International Strategic Ventures who are long-standing clients of Tumelo.
Tumelo helps investment platforms and pension providers to engage investors with shareholder voting. Its software shows investors which companies their money is being invested in, and it collects voting preferences to send to fund managers.
The firm said the investment will “further enhance the platform to enable more investors to exercise their shareholder rights and extend Tumelo’s reach across the UK”.
It will also support the firm’s expansion into the US, Australia and additional market segments, “following strong demand”.
Tumelo was established at Cambridge University, where its founders, Georgia Stewart, Will Godwin and Ben King, campaigned for the sustainable investment of their university’s £6 billion fund.
Legal & General Investment Management’s Stuart Murphy said: “This is an exciting development, not just for Tumelo and our partnership, but for our clients and scheme members, who will benefit from an enhanced product offering.
“We see the evolution of the Tumelo offering as an opportunity for L&G to remain at the forefront of the industry working with Tumelo and their partners both in the UK and overseas.”
Fidelity ISV vice president Erik Mostenicky added: “Enabling retail investors to have a voice on stewardship matters of public companies, is well-timed with current market developments. Active stewardship models are transforming the industry, and large asset managers have a duty to serve as conduits of capital for good stewardship.
“This global trend with regulatory tailwinds is driving change across the retail investment and pension markets, and Tumelo is best placed to facilitate such progress.”