NextGen Planners has opened a share sale on the Seedrs crowdfunding platform, with the valuation of the business passing the £5mn mark as a result.
The financial planning support community told FTAdviser today (December 1) that it has exceeded its target of £150,000 by sourcing investment from what it described as 10 longstanding members of NextGen and has now made more equity available for public investors.
A private investment window opened last week for the community's membership, while the public were invited to invest through Seedrs this morning at 9am.
Prior to the investment round the company’s valuation sat at £4.9mn.
NextGen director and head of innovation, Rohan Sivajoti said he wants to make sure “as many people who want a slice, get a slice”.
“It’s been a long term goal of ours to align our membership with ownership,” Sivajoti explained.
“We’re about inclusivity in everything we do, and having an investment option at as little as £12.94, stays true to our values,” he added.
NextGen plans to use the investment to hire more staff and expand its product and services offering.
Its listing on Seedrs explains that the company currently generates revenue through eight streams.
These include its training contracts for financial planners, its AdviceStack and TechStack platform for businesses.
It also includes the firm's membership programme for financial planners, marketing support for firms, accreditation programmes, sponsorship, and consultancy services.
NextGen Planners was founded in 2016 by Rohan Sivajoti, director of Postcard Planning, and Adam Carolan, head of growth at Becketts.
At the time Sivajoti said: “Our general feeling is that there is not that support out there for younger planners, so we are trying to create a community.”
A key aim of the community is to promote the financial planning profession among young people.