Goodments is paving the way for individuals to invest in accordance to their values. Co-founder Tom Culver shares more about their motivations and experiences here.
What is Goodments
So Goodments is a purpose driven business, at the very core of everything that we do is around trying to shape a more sustainable future. The way that we do that is by leveraging what we think is the most powerful lever of change, and that’s investment.
How does your product work.
So Goodments is an app. We understand your preferences, and then by overlaying independent sustainability ratings with financial information, we’re able to match people to shares based on their sustainable and ethical values, and their financial expectations. What we found through speaking to our customers is that sustainability is actually very personal, whether that be environmental issues, whether that be renewable energy and waste, whether that be around human rights or whether that be around diversity. And so cracking this problem of letting individuals define at an individual level what sustainability means to them and find the investments that match, I think is a huge differentiator.
How has your experience in the H2 Accelerator been?
We joined the H2 Accelerator program at the beginning of February. Prior to coming into the program we hadn’t started developing a product, so we started from zero. And its been an intense process of talking to customers, learning, and working very closely with my CCO to actually build and develop our MVP.
What motivated you to start the business?
My background is in wealth management and financial advice. And I guess I’ve become a little bit disenfranchised with the industry itself. We’ve been coming up against the real challenge of our customers starting to come to us and talk to us about sustainable investing, but we weren’t able to answer their needs and answer their questions. The second thing that is probably closer to my heart and my understanding is that the dynamics around investing has changed. So company’s values are now primarily made up in non-financial data, so their ethical value, their sustainable value, their goodwill value. Yet the way that people make investment decisions is purely based on financial information alone. But ultimately we see this as a really, really great opportunity to force some meaningful, sustainable change.