Tumelo, a Bristol-based fintech building technology to modernize shareholder voting, has raised £9 million in a funding round inferred from UK Companies House filings reviewed by Sonde, though the company has not officially disclosed the round.
A share allotment filing dated August 12, 2026 and submitted to Companies House on August 28 shows new equity issued, though the actual round details have not been publicly confirmed by Tumelo. The company declined to comment on investors or round terms. The timing suggests the company is positioning itself for another proxy season, building on momentum from institutional partnerships sealed in recent months.
The quiet capital raise comes as Tumelo expands on two fronts: selling AI-powered proxy research tools to asset managers who want to vote their own conscience, and building infrastructure that lets retail investors cast votes in pooled funds. It's a bet that both institutional stewardship teams and individual shareholders are hungry for more control over how their shares vote at annual meetings.
In September, Tumelo announced a partnership with Chicago Clearing Corporation to bring its ProxyBeacon tool to CCC's institutional client base. ProxyBeacon, which launched in January 2026, uses artificial intelligence to help asset managers craft voting policies without leaning on third-party advisors like Institutional Shareholder Services or Glass Lewis.
"Every institutional investor should be able to vote with a policy they actually wrote and can defend," Will Goodwin, Tumelo's co-founder and chief strategy officer, said when the CCC deal was announced.
James Tharin, CCC's chief executive, framed the partnership as a shift away from "one-size-fits-all recommendations" toward what he called "AI-powered insights" for proxy voting.
The CCC partnership followed an earlier tie-up with BetaNXT, owner of the Mediant wealth management platform, to integrate pass-through voting for retail investors. Chris Nobles, a BetaNXT division executive, said at the time that the collaboration would help firms "strengthen client trust and meet the growing demand for investor participation."
Two Products, Different Markets
Tumelo's pitch rests on two distinct products. ProxySphere is infrastructure that splits votes in pooled funds and exchange-traded funds according to individual investor preferences. ProxyBeacon applies machine learning to proxy research, automating some of the grunt work that stewardship teams face each spring.
The company said in May that it was live with six of the largest fund managers globally, more than 25 asset owner clients, and over £300 billion in assets under management on its platform. Multiple large institutions used ProxyBeacon during the 2026 proxy season, according to Tumelo, though the company did not name clients.
Tumelo also supports Vanguard UK's Investor Choice pilot, announced in January, and works with several UK pension schemes including NILGOSC, LAPFF, and LGPS Central on pass-through voting initiatives.
Founder Pedigree and Staffing
Georgia Stewart, now chief executive, and Goodwin founded Tumelo in November 2017 in Bristol. Benjamin King served as co-founder and chief technology officer until his director appointment ended in December 2023, Companies House filings show. The company now operates offices in London, Bristol, and New York, with LinkedIn data indicating a range of 51-200 employees.
Arun Sarwal joined Tumelo's board as chair in May.
Tumelo's most recent publicly announced fundraise was a $19 million Series A in May 2022, led by Treasury, the US fintech venture firm founded by alums of Betterment and Acorns. Legal & General, Fidelity International Strategic Ventures, Nucleus Adventure Capital, and angels Lance Uggla and Jim Wiandt participated. Jeremy Coller returned as an investor.
That 2022 round was equivalent to approximately £15.3 million at the time. Additional share allotments filed in 2025 and early 2026 suggest follow-on investment, though total capital raised remains undisclosed.
"The investment will help bring shareholder democracy to the global financial system," Stewart told FinTech Futures in May 2022.
A Crowded, Shifting Market
Tumelo operates in a governance technology market still dominated by legacy players but showing signs of change. ISS and Glass Lewis continue to supply voting recommendations to most institutional investors, but a growing cohort of large asset managers now runs in-house stewardship teams with their own voting policies.
BlackRock offers a Voting Choice program. Vanguard has begun scaling investor choice pilots in the UK, according to a Tumelo case study. Whether these experiments translate into widespread adoption remains an open question.
Tumelo competes with Proxymity, another UK-based proxy voting infrastructure provider. The two companies partnered in September 2024 to combine pass-through voting with proxy execution and confirmation services, a collaboration that speaks to both the complexity of the space and the need for interoperability.
Goodwin participated in a June 2025 panel on pass-through voting at the SEC Investor Advisory Committee. His opening statement was published on the Harvard Law School Forum on Corporate Governance.
Building Toward 2027
Tumelo appointed Jennifer Walmsley as head of stewardship solutions in July and published a white paper on AI in stewardship in June. The company released a 2026 proxy-season review in September.
The August capital raise, surfaced through regulatory filings rather than a press release, suggests continued investment in the platform ahead of the 2027 proxy season. Tumelo has not disclosed how it plans to deploy the funds or whether it intends to expand headcount. The company's silence on the round may reflect a preference to let partnerships and product traction tell the story, or simply a desire to avoid the fundraising spotlight while building.
For now, Tumelo is betting that both institutional investors and retail shareholders want a bigger say in how their money votes. Whether that appetite is large enough to support a standalone business in a market still shaped by entrenched advisors will become clearer as more asset managers experiment with bringing voting in-house.
