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October 31, 2022

Wealthtech Sidekick raises £3.33m to build modern investment manager

By Patrick Brusnahan

Digital active investment manager and wealthtech Sidekick has announced a £3.33m pre-seed equity round.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

It was led by Octopus Ventures with Seedcamp and venture fund Semantic also partaking.

Sidekick aims to close the generational wealth gap with products and services usually reserved for only HNWIs. This includes access to alternative investments and also the ability to borrow against these investment portfolios.

Furthermore, customers will have access to the Sidekick investment team. This team will provide regular updates on portfolio performance and share editorial content to help customers build investment knowledge.

Matthew Ford and Peter Townsend founded the firm in January 2022. Ford previously founded the mobile banking platform Pariti, which also had Townsend as CTO.

The funding round is being used to develop the Sidekick app further, as well as expand the in-house asset management team. In addition, the firm hopes to gain the regulatory permissions registrations.

Matthew Ford, CEO and co-founder of Sidekick, said: “Most retail investors have two options to build wealth: settle for passive portfolios or try to time the market and pick stocks and crypto themselves without access to the training, tools and information needed to do this effectively. This funding will allow us to build a modern app-based investment service that gives customers the same professional expertise that only high-net-worth individuals are used to. We’ve already got a stellar team in place, and we’re now excited to be working towards regulatory approval to launch over the coming months.”

Nick Sando, principal at Octopus Ventures, added: “We have seen a surge of interest and capital in public markets from retail investors. But investment products offered to the retail segment still lie at two extremes: higher-risk single stock picking and lower-risk index trackers / ETFs. High-Net Worths can access alternative assets whose higher-risk adjusted return profile can create significant compounding effects on wealth over time, but retail investors are largely prohibited from these due to high cheque sizes and the lack of digital tools to power and distribute these services. Sidekick solves this, and we’re delighted to support the team as they look to close the disparities in wealth creation between High-Net Worths and the broader retail investor class.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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