Alumni Member News | Tumelo raises £1M of seed funding
We’d like to congratulate our recent alumni member Tumelo on their latest investment news! Tumelo’s fintech platform shows people where they have invested their cash and gives them tools to take action based on their values, including voting as shareholders, joining campaigns to change company behaviour and switching to ethical fund and pension options.
The £1M seed funding, secured from investors including music icon Peter Gabriel, will be used to “perfect” the Tumelo platform and strengthen its staff with software and user experience specialists, boosting its current seven-strong team to 12.
Co founder Georgia Stewart said: “Tumelo began life as a university activism campaign. Our campaign was globally successful and, off the back of it, we knew we had to harness the passion of individual investors to influence further change.
“Aside from our political vote, we think – as individuals – that we only have influence at grass roots levels, such as going vegan or reducing plastic use. But that’s not true.
“We are all impact investors – wherever our money is right now – and to influence real change from the top we need to vote with our investments, sending a message to companies that it’s not profit alone we care about but also our future.
Dave Anderson, partner at Addleshaw Goddard and AG Elevate mentor, said Tumelo plans “to disrupt the traditional ‘out of sight, out of mind’ investment model, giving people the tools to decide where to invest based on their own principles”.
He added: “There are a number of legal and regulatory hurdles to overcome and, by assisting the co-founders with some of these issues, the business will have strong foundations on which to grow. ”