Penfold secures £6m in seed follow-on funding led by Bridford Investments to expand its team.
The funding round was led by Bridford Investments and featured a crowdfunding campaign on Crowdcube.
Penfold is a digital pension provider that builds modern platforms for workplace pensions and retirement savings.
Penfold has secured £6m in a seed follow-on funding round to accelerate its growth and expand its team. The investment was led by Bridford Investments alongside a Crowdcube campaign that quickly hit its funding targets. Additional backing came from Elkstone Capital, Force Over Mass, and Plug & Play Ventures, alongside several angel investors including MMC Ventures chairman Alan Morgan.
The fresh capital will be deployed to support further business expansion and marketing initiatives. This milestone follows a period of rapid customer acquisition for the digital pensions provider, which has built proprietary technology and secured full regulatory permissions to administer its own pension schemes.
From the founder
"The sheer popularity of the crowdfund shows that Penfold is a solution to a real problem for lots of people. Saving for your future should be as easy as online banking, but the legacy pension companies are making it hard for consumers to have visibility or control of their pension pots. We’re cutting out the complexity in pensions – and people are showing their support by investing in us."
Pete Hykin
Co-founder at Penfold
Investor perspective
"We see the retirement savings market as significantly untapped, underserved, and a ticking time bomb for many groups – especially the self-employed. A combination of younger generations not saving enough, people living longer, and inadequate state pensions all contribute to a growing need for better and more engaging products. From their pension calculator, to their extensive content library, and the sustainable and sharia-compliant funds – Penfold is creating a fundamentally better proposition which users love. They’ve shown they don’t just want to build a better product than what’s on the market, but the best possible one."
George Damoney
Partner, Plug & Play
Use of funds
- 01Grow the team
- 02Invest in sales and marketing
