Cushon, a Seedrs portfolio company, was acquired by Natwest Group – announced this past week. NatWest is acquiring an 85% majority shareholding in Cushon with the company’s existing management retaining the remaining 15%.
Cushon’s main products are a workplace ISA and a master trust pension. The Fintech also offers Junior and Lifetime ISAs, as well as a general investment account.
Cushon reports that it has helped more than 500,000 people save over £1.8 billion towards retirement, first homes, and more.
The terms of the acquisition were not immediately available, but according to Seedrs, early investors in Cushon will benefit from a 5X return – before adjustment for tax relief.
Cushon (formerly Smarterly) raised £16,262,582 on Seedrs backed by 1451 individual investors. The company first raised capital online in 2018 at a pre-money valuation of £10,735,000. The most recent securities offer on Seedrs saw Cushon raise £3.9 million at an £80 million pre-money valuation. The company’s indicative valuation on the Seedrs Secondary market had Cushon trading at around £97.5 million.
All of the funding rounds were EIS qualified (perhaps with the exception of the final round, which was not viewable).
Seedrs reported that it will distribute just under £7 million in returns to investors once the purchase is complete.
This is the 49th exit for Seedrs investors and the second for 2023.
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