Venture capital trust provider Octopus Investments and private equity firm Samos Investments have invested £3.5 million into adviser rating site VouchedFor.
It is the second time the two companies have invested in the ratings site. In 2014 they contributed to a £1 million seed investment alongside private equity firm DN Capital.
The new investment will be spent on marketing the website and improving its technology. Octopus and Samos now have undisclosed shareholdings in VouchedFor.
VouchedFor has user reviews for 7,500 advisers, solicitors and accountants in the UK. It was established in 2012 by chief executive Adam Price.
Adam Price, chief executive of VouchedFor, said the company wanted to use the £3.5 million to become the largest ratings website for advisers.
‘The cash injection will enable VouchedFor to build a reputation economy and ultimately help bring us closer to our ambition of becoming the number one destination to find trustworthy, well recommended professional advisers, no matter what an individual’s circumstance,’ he said.
‘Octopus is the perfect investor for VouchedFor. It has a great track record of working with innovative high growth businesses.’
Simon Rogerson (pictured), chief executive of Octopus Investments, said the company thought VouchedFor would help advice firms thrive.
‘We’re confident that VouchedFor can help the advisory market thrive and make a real difference to consumers across the UK looking to make their money work more effectively for their future,’ he said.