Manchester-based comparison platform secures £300,000 funding boost
Investment comparison platform jammtoday has secured a funding boost of £300,000 from GC Angels, the angel investment arm of the Growth Company.
Adam Bickell and Mark Goldman, co-founders of the Manchester startup, raised £50,000 seed investment from GC Angels alongside £250,000 from Nova (co-invested with Sir Terry Leahy) and Deepbridge Capital SEIS Fund.
jammtoday is a consumer-focused platform which aims to cut 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 will use 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.
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 Manchester-based GC Angels, said: “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.”
Pictured: JammToday's Adam Bickell (left) and Mark Goldman (right) with Nova's Gareth Langley