A Liverpool-based app encouraging investors to back companies that have a positive impact on the planet has secured a £2.5m boost from a venture capital fund.
Tickr has received the support from Ada Ventures in London after previously also raising £2.5m through another funding round.
The app, which was founded by Tom McGillycuddy and Matt Latham, only offers investments in companies that generate social and environmental benefits.
The platform is now expanding with the recent launch of a carbon offset subscription service.
The investment comes after the Reddit-inspired GameStop saga in January which saw an international bid to stop hedge funds shorting stocks in the US retailer through sites such as Robinhood and making millions in profits.
An army of small investors pushed the price of the listed company’s shares up in a bid to turn the tables on those who were betting that the business would fail.
McGillycuddy said: “We believe that within the next five to 10 years ‘impact investing’ will just be called ‘investing’.
“It’s the only way our generation wants to invest, and because of that they’re driving industry-wide structural change.
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“We think this change has only just started, and within the next few years it will completely transform financial services and how people think about their money.
“For us, investing is just the beginning. What we truly care about is building a product offering that generates positive impact for our customers and the wider world.
“We think the structural change in attitudes will extend to all areas of financial services, and investing will be seen as one of the key ways our generation can collectively improve the world.
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“We’re incredibly grateful to Ada for believing in our purpose and vision for Tickr, and their backing will allow us to strengthen our team, accelerate our product roadmap and double down on customer growth this year and beyond.”
Despite the challenges of 2020, Tickr said its monthly revenue has increased 10 times during the pandemic.
McGillycuddy added: “I’m so proud of everything we’ve achieved at tickr, despite all the obstacles 2020 threw our way.
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“It really is a testament to the team we’re building here that are bound together by our mission and what we stand for as a business.”
Inspired by Ada Lovelace, the 19th Century computer science pioneer, Ada Ventures is a $50M seed fund and was founded and run by Check Warner and Matt Penneycard.
Penneycard said: “Tickr is capturing something powerful and ethereal - a modern investing mindset that wants more say in the second and third degree effects of what happens with our money.
“Tickr’s customers (which include both Check and me) understand the truth that doing the right thing with your money should also be rewarded with the best financial returns.
“Financial institutions on Wall St and in the City have started to realise this. tickr is democratising access to the same thinking for any individual investor.
“When we first spoke to Tom and Matt in early 2020, this was an interesting idea.
“A year later, Tickr customers have proven their point, which is reflected in the extraordinary growth of the company.”