Sidekick Raises £8.5 Million to Democratize Wealth Management
Sidekick provides access to financial products and services typically reserved for the ultra-wealthy. The investment consists of a £4.5 million seed round and a £4 million debt facility, which will fund Sidekick’s Portfolio Line of Credit. This allows investors to borrow against their portfolio to provide extra liquidity. The seed round was co-led by Pact VC and TheVentureCity, with participation from 1818, MS&AD, Blackwood, Octopus Ventures, Seedcamp, and Semantic Ventures. Columbia Lake Partners provided the debt financing. The seed investment will fuel Sidekick’s client expansion, enable further product development, and support licensing ambitions in Europe.
London, UK.
7.30 AM BST 13th June 2024: Sidekick, a wealth management platform for the modern investor that unlocks the financial advantages of the ultra-wealthy, has raised £4.5 million in a seed round and £4 million via a debt facility. The combined £8.5 million will see the startup continue scaling its team and expanding its product lineup while securing a European license. The seed round was co-led by Pact VC and TheVentureCity and supported by MS&AD, Blackwood, and 1818, alongside previous investors Octopus Ventures, Seedcamp, and Semantic Ventures. Columbia Lake Partners, backers of Mews, Factorial, Griffin, and Contentsquare, provided the debt financing.
Matthew Ford, Co-Founder and CEO of Sidekick, explains, “We’re looking to address the growing inequity of wealth creation and let the money of hard-working entrepreneurs and professionals work harder. With over a million people in our target demographic in the UK seeking support for their financial goals, the demand for innovative wealth management solutions tailored to their unique needs is undeniable. Sidekick exists to ensure that it’s not just the ultra-wealthy that have access to the tools and products needed to secure long-term financial prosperity.” Sidekick obtained a comprehensive set of regulatory permissions from the Financial Conduct Authority (FCA) and launched its actively managed flagship equities product in January. Offering a low minimum portfolio requirement of just £1,000, investors receive a premium product set and service, including expertly managed investments, regular portfolio updates, insights into market trends, and broader investment themes, typically reserved for a £500,000 to £1 million and upwards portfolio.
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