BlackRock has taken a "significant minority stake" in European robo-adviser Scalable Capital as part of a €30m funding round with existing venture capital investors.
The investment house invested alongside backers HV Holtzbrinck Ventures and Tengelmann Ventures, which had been involved in earlier funding rounds totaling €11m. BlackRock's involvement will help Scalable grow its business with financial institutions and corporates, the firm said. BlackRock EMEA chief operating officer Patrick Olson will also join the robo-adviser's supervisory board. However, Scalable Capital will remain an independent company in terms of product selection and asset allocation decisions, it added. The investment is subject to regulatory approval and expected to cl...
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