Digital asset manager Scalable Capital has raised €7 million in a Series A funding round. The additional capital was provided mainly by existing investors; Holtzbrinck Ventures, Monk’s Hill Ventures, Tim Marbach, MPGI, Raier Mauch and the German Startups Group. Tengelmann Ventures joined the funding round as well.
Erik Podzuweit, co-CEO and co-founder of Scalable commented on the new funding;
“The fresh capital, we will expand our German and British business. We also want to selectively expand into new markets and to become the leading automated investment manager in Europe. We are pleased with the continued commitment of our existing investors and two new, highly entrepreneurial minded investors.”
Scalable Capital was formed in 2014, the company was founded by Podzuweit, Florian Prucker, Adam French, Patrick Pöschl and Prof. Dr. Stefan Mittnick. Podzuweit and Pöschl were both previously employed by Goldman Sachs. The Robo-advisor offers investors an inexpensive and professional asset management platform type service that was previously only available to very wealthy investors.
“Scalable Capital is, in our opinion, the potentially leading digital asset manager in Europe. In addition to an intelligent and technology-driven forms of investment management, they offer a high degree of transparency, fair conditions and a convenient service. So they hit the need of the times. The company is off to a great launch. We are delighted to be able to accompany this team from now, ” stated Christian Winter, CEO of Tengelmann Ventures.
The additional funding will help with the forthcoming UK launch following FCA approval. The firm has raised approximately €11 million to date.