This second round of funding follows the £4m investment made in March 2023.

Fuel Ventures’ ‘Follow-On EIS Fund’ and its newly launched ‘VCT Fund’ have both selected Fundpath for a follow-on round of investment. These vehicles back the strongest performers from Fuel’s ‘Scale-Up EIS Fund.’ Fuel, which invests in the growth of ambitious tech companies, evaluates more than 6,000 investment opportunities every year, investing in just 12-15 entities.

This funding round completes as Fundpath’s client base reaches a key milestone, with 100 asset management firms onboarded. This means that a significant proportion of the UK asset management industry is now using Fundpath’s business intelligence service to better serve their wealth management clients and prospects.

Data is gathered from more than 1,000 wealth management organisations in the UK, Channel Islands, and Ireland, then shared with fund distribution teams to help streamline communication, improving everyone’s professional lives.

The additional funding will enable Fundpath to accelerate its product roadmap by further investing in the people, technology, and data which power Fundpath, leading to an expansion of the breadth and depth of its service.

Fundpath Co-Founder and CEO, Jamie Hinchliffe commented: “Investment distribution is evolving fast, and we are continually tracking change, working tirelessly to achieve our mission of enabling a more effective and efficient marketplace. In a landscape of constantly shifting people, markets, and sentiment, Fundpath represents a single source of truth.

“Our two most recent milestones, passing the 100-client mark, and securing further investment from Fuel, demonstrate that what we’re doing is not only working, but is genuinely leading this industry change. With ongoing commitment and support from our investors, clients and partners, we are on course to reach our vision of becoming the accepted industry standard for investment distribution data intelligence.”

Mark Pearson, Managing Director at Fuel Ventures said: “We continue to see enormous potential in the Fundpath value proposition. This is a company contributing to real progress, gaining significant traction, and establishing its unique position within its marketplace. Fundpath is fast becoming the central nexus of fund distribution and we’re excited to play a part in its growth.”