GC Angels the angel investment arm of the Growth Company, has supported Manchester based jammtoday to secure a funding boost of £300k to develop its consumer focussed investment comparison site.
Jamm Today co-founders Adam Bickell and Mark Goldman raised £50k seed investment from GC Angels alongside £250k from startup cofounders Nova (co-invested with Sir Terry Leahy) and Deepbridge Capital SEIS Fund.
jammtoday is an online investment comparison platform that cuts through the confusion around digital investment managers (so-called ‘robo-advisors’), some of which offer investments starting at just £1 a month. The startup helps users to think about and visualise their investment goals and then creates a simple comparison of shortlisted robo-advisors to best match the user’s needs, investment amount and preferred risk level.
jammtoday is using the funding to fast track the consumer launch and expansion of their digital platform which they are developing in conjunction with the FCA’s ‘Project Innovate’, set up to support fintech companies seeking to improve choice, user-experience and better financial outcomes for consumers.
Adam Bickell said: “Consumers are increasingly aware of the advantages of using digital investment managers as a simple, low cost way to invest money, whether that’s to save for a specific future goal such as a house purchase or for retirement, or just to build a rainy day pot. But as the number of players in this market continues to grow it is getting more complex and time-consuming for people to review them and to make the right choice.”
“We’re passionate about making investment intelligence available to everyone and the funding and support we have received has made an enormous difference to the speed and ease with which we have been able to develop our model, which we will be bringing to market soon.”
Darren Gowling, Senior Investment Director at GC Angels, said: “Adam and Mark are experienced financial professionals who recognised that there was a huge volume of investment information out there that most people would never be able to access. The jammtoday model is one that people are very familiar with for buying everything from house insurance to energy suppliers which immediately makes it very accessible and appealing to investors at all levels.
“Working with our partners at Nova and Deepridge Capital we’re hugely excited to be investing in a business that will help to give everyone control of their investments and access to some of the most innovative financial products on the market.”
The Growth Company’s GC Angels supports businesses seeking access to angel investment, ranging from £25,000 up to £2m and forms part of the GM Combined Authority's response to supporting the early stage investment market. GC Angels is also able to leverage the range of wider Growth Company Services for clients including GC business finance and business support services. GC Angels provides an innovative, single solution equity funding service.