Following confirmed partnerships with Westpac New Zealand and a soon-to-be-announced UK bank, the CoGo app has now raised over £4m in investment as it aims to accelerate its position as the essential ethical and sustainable living platform by using funds to accelerate growth in the UK and New Zealand.
CoGo has closed a significant amount of investment in 2020, taking the company’s total investment to date to over £4m.
With offices in Wellington and London, CoGo has received the majority of its backing from individuals looking to use their capital as a force for good. Their 150+ industry-spanning shareholders include Richard Collier-Keywood (former Global Managing Partner, PwC), Mark Sainsbury (Co-Founder of the Sustainable Restaurant Association and Founder of Zetter Group), Jason Stockwood (Founder, Simply Business and Trustee, BLab), Andrew Thorburn (former CEO, National Australia Bank), and James Watt (CEO, BrewDog).
While most of these investments are channelled into publicly listed companies through asset managers, the investment of £4m in CoGo bucks the trend and reflects a change in strategy from investors who are seeking companies structured to deliver financial return alongside a positive social or environmental impact and signifies a growing interest in direct investment into start-ups.
“After over 30 years in banking, I’m now committed to helping companies that deliver a positive social or environmental impact. The world is facing major challenges, and our investments and leadership can either solve or contribute to these issues. I know what side of the fence I’m on,” commented Andrew Thorburn.
CoGo CEO and Founder Ben Gleisner added, “As a company with sustainability and ethics at its core, it is refreshing to see such interest in CoGo against the horizon of these uncertain times. We have big ambitions for CoGo. Our five-year plan is to have more than 100 million people using our app and to be valued at £1b, however, our commercial targets are also intrinsically linked to the understanding of urgency and empathy required to tackle the climate crisis.
“Our ultimate goal is to become an essential tool for everyday people as we strive towards the ambitious climate action that is needed.”