CMS advises Penfold on £3.9m funding round
CMS has advised digital workplace pension provider Penfold on its £3.9m funding round, led by Gresham House Ventures with the participation of existing investors.
Launched in 2019, Penfold offers a fully digital workplace pension platform, enabling businesses to sign up or switch providers more quickly and efficiently. The company has seen rapid growth, with the number of businesses using its platform increasing from 1,200 to over 4,000 since the beginning of 2024. This latest funding round will be used to scale Penfold’s UK presence, particularly in the SME and accountancy sectors, and to enhance its pension app with new features for both savers and employers.
CMS Corporate Partner Tom Jameson comments: “We’re delighted to have supported Penfold on this important milestone. This latest investment from Gresham House Ventures is a strong endorsement of Penfold’s mission to modernise workplace pensions. It’s been a pleasure working with Chris and the team as they continue to scale their innovative platform.”
Chris Eastwood, Fo-Founder of Penfold, adds: “This funding round marks a pivotal moment for Penfold as we accelerate our growth in the UK. We’re grateful to the CMS team for their expert guidance and support throughout the process. Their understanding of the venture capital landscape and our business made them an invaluable partner.”
The CMS Venture Capital team was led by Tom Jameson with support from Greg Turton (Corporate). This is the latest in a series of fundraisings the team has worked on, having previously advised NatureMetrics on a USD 25m Series B funding and ApprovalMax on its USD 10m growth investment funding round.
Additional details on the fundraising can be found here.
