Female-Led Fintech SageWealth Secures €500,000 In Pre-Seed Funding for ‘Ethically Minded’ Millennials
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With a goal of bringing digital financial advice and sustainable investment opportunities to ‘ethical’ millennials, the female-led fintech platform SageWealth has announced the recent closing of a €500,000 pre-seed funding round.
The pre-seed funding round was led by Till, as well as the founder of Nebenan.de, Hans, founder of Clue, and Aleks, founder of Penta. Forty percent of the Angels are female and include Dr. Marta Ra, founder of Women in Sustainable Finance, and Marie Louise Seelig, founder of CrossLend.
Millennials will soon be the wealthiest generation in human history, says SageWealth, but 80 percent of them have never invested before. Founders Sana Al-Badri and Marco Vega Seeberger say it’s time for this generation to invest in a sustainable future.
“Basically financial advisory has not changed since the ’70s. Our generation distrusts banks because they simply don’t understand our values and needs,” Al-Badri said in a statement.
The founders say sustainable investing is 27 times more impactful than making behavior changes.
The platform offers a mix of sustainable investment options with growth-focused equity-based options and safety-focused bond and commodity-based options. It says all of its investments adhere to EU sustainability guidelines defined in articles 8 and 9 of the Sustainable Finance Disclosure Regulation.
SageWealth, which launched last year, has more than €1 million in assets under management. The company says it has grown by 20 percent month on month since its launch.
The company has hired industry veterans including former employees of Trade Republic, Getquin, Join Capital, and Northvolt.
In March, London-based Vevolution secured $330,000 in a seed raise aimed at tech. The round was led by Capital V, Kale United and CULT Food Science. Funding will go toward tech improvements, portfolio expansion, and support of the plant-based and cellular agriculture industries.
“We put our money where our mouth is,” Erik Amundson, co-founder and managing director at Vevolution, said in a statement. “We wouldn’t use our own technology for our most important business activities if we didn’t believe in it.”