Former Genesis frontman backs Scot’s tech ‘disrupter’
Peter Gabriel, pictured in 1980, is an investor (pic: Terry Murden)
Former Genesis frontman Peter Gabriel has invested in an environmental impact firm launched by an Edinburgh woman.
Georgia Stewart has raised £1 million in seed funding for her start-up Tumelo which has developed a tool to enable investors to feel more connected to the actions and values of companies they own.
Gabriel, best known as singer and writer with the 1970s prog rock band Genesis, was among the investors in Tumelo which will use the funds to perfect the platform and build its seven-strong team to 12.
Addleshaw Goddard’s fintech team, based in Scotland, advised Tumelo on the deal.
Assets held in ethical funds have trebled over the past decade in the UK, from £4.5bn in 2008 to £16.7bn at the end of 2018, spurred on by high-profile governance failures, such as the Volkswagen emissions scandal.
Ms Stewart, set up Tumelo as a university activism campaign while studying at Cambridge.
“We fought to change the way Cambridge University invested its £6 billion endowment pot,” she said.
“Our campaign was globally successful, and off the back of it, we knew we had to harness the passion of individual investors to influence further change.
Georgia Stewart: ‘We are all impact investors’
“Aside from our political vote, we think – as individuals – that we only have influence at grassroots levels, such as going vegan or reducing plastic use. But that’s not true.
“We are all impact investors – wherever our money is right now – and to influence real change from the top we need to vote with our investments, sending a message to companies that it’s not profit alone we care about but also our future.”
Dave Anderson, partner at Addleshaw Goddard and mentor to Tumelo, said: “We’re pleased to be supporting Tumelo as it expands and fulfils its plans to disrupt the traditional ‘out of sight, out of mind’ investment model, giving people the tools to decide where to invest based on their own principles.
“Even with successful fintech start-ups such as Tumelo, there are a number of legal and regulatory hurdles to overcome and by assisting the co-founders with some of these issues, the business will have strong foundations on which to grow.”
Laundry firm acquired
Aberdeen Laundry Services has acquired family-run professional laundry service providers, Cathkin Clean Scotland.
The purchase has been supported by a £275,000 funding package from Royal Bank of Scotland.
Aberdeen Laundry Services is the largest independent supplier of commercially-laundered items in the north and northeast of Scotland.