Augmentum Fintech has announced a total of £8.5 million of follow-on investments to startups in its growing portolio.

The publicly listed venture capital outfit has topped up its existing funding in business banking firm Tide (£5 million), mobile-only current account provider Monese (£2.5 million) and predictive business intelligence platform DueDil (£1 million).

Since Augmentum’s initial investment of £3 million, Tide partnered with ClearBank, which were awarded £60 million from the Capability and Innovation Fund as part of the the the £775 million RBS Alternatives Remedies Package.

Augmentum FinTech launched its London IPO in March last year. Earlier this week, it was reported by City AM that the company intended to create up to 150 million new shares at a value of £150 million in a fundraise, subject to regulatory approval.

Tim Levene, portfolio manager at Augmentum, said: “Since our initial investments last year, we have been working closely with the management teams in each of these companies and have been impressed with the progress that they have made against their respective business plans.

“All of these innovative businesses are continuing to effect change and much needed disruption in their target markets. Now in our second year since IPO, continue to look for opportunities where we can add value to a company in addition to making a financial contribution.”

Share Story: