Home Articles SelfWealth, the start-up with a $1.6 million dollar smile!

SelfWealth, the start-up with a $1.6 million dollar smile!

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SelfWealth enables self-directed investors to compare their portfolio’s performance against those of peers, professionals and the market. Who doesn’t love checking out the competition? Now, the company behind this unique tool recently successfully raised $1.6 million worth of capital via the Australian Small Scale Offerings Board (ASSOB).

The funds were raised in four rounds starting March 26, 2012. The initial shares were offered at 3 cents but by round four, they were going for over three times that at 10 cents. All in all, 21 investors participated in the raising including two senior figures in the SMSF and accountancy fields: Ron Lesh and Peter Jones.

Who are these big boys, you wonder? Well, Ron Lesh is the founder and Managing Director of BGL – the leading supplier of administrative software to the SMSF market in Australia. Peter Jones has had extensive experience in building accountancy practices, public company directorships and in the capital markets.

SelfWealth founder Andrew Ward said, “I am delighted with this capital raising outcome for the development of our business. In late 2011, I investigated a number of capital raising alternatives and I decided on ASSOB as the platform enabled us to attract a range of investors in an open and transparent framework with the appropriate governance structure.”

ASSOB Advisor and Springboard Equity National Business Manager Simon Davis said, “The $A1.6 million SelfWealth capital raising has been one of ASSOB’s most successful transactions in 2012 which demonstrates the strengths of the ASSOB platform in tough capital market conditions.”

The SelfWealth Ltd solution was successfully released to the market via its website on Wednesday 24 October 2012. The company is looking to ramp up its distribution to the SMSF sector in the first quarter of 2013 through an exclusive agreement with BGL Corporate Solutions.

Mr. Ward who has significant experience in the financial services industry stated, “I found that many investors were disillusioned with the high fees and commissions paid for services they did not value; therefore we decided to develop a solution offering the services valued by investors for a flat monthly subscription.”

SelfWealth offers a community dashboard, which provides analytics for the entire SelfWealth Community. It also provides a breakdown of performance by various filters and for the first time in Australia, investors can now access an online investing tool which compares their portfolios’ performance against those of peers, professionals and the market.

So if you are a self-directed investor out there who wants to know what everyone else is up to and how they are doing, you are invited to a complimentary five week preview of SelfWealth via their website.

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