1982 Ventures backs SG wealth management startup’s $4m round (Updated)

Hugosave, a Singapore-based digital app for managing wealth and savings, has raised US$4 million in pre-series A funding from 1982 Ventures, Woodside Holdings Investment Management, and several existing corporate venture investors.

Photo credit: Hugosave

The round pushes the startup’s total funding to US$10.5 million.

Founded in December 2019 by David Fergusson, Ben Davies, Braham Djidjelli, and Surya Tamada, Hugosave helps customers spend, save, and invest through its automated online platform. Hugosave said its platform has since acquired over 40,000 users.

The startup’s offerings include its own Visa debit card, a digital account with money pots for budgeting, and options to buy and sell physical gold.

Additionally, it also allows users to automatically round up their spending through the Hugosave card to the nearest dollar. The app will then turn any extra cents spent into gold that will be held through its gold vault feature.

The company will use the fresh funds to expand regionally and widen its product offerings.

“In the past 2.5 years, we’ve created a product, built a team, received licenses, gained customer traction, built a state-of-the-art data capture and analysis process, and built partnerships. This fundraising is another major milestone,” said Fergusson, who also serves as Hugosave’s CEO.

See also: Series SEA: Who’s investing in the region’s fintech startups?

Update (Jul. 13, 5.55 p.m. SGT): This article was updated to include a revised description of Hugosave’s products.