Robo-advice provider, Ignition Wealth, has secured investment from fund manager, Millinium Capital Managers Limited, which is the responsible entity of the Millinium Alternatives Fund.
The investment was in line with the fund's mandate to invest in high growth opportunities, according to the fund manager.
It added that demand for a low cost, easy-to-use solution that also fulfilled best interest legislation would spike.
Millinium Capital Managers managing director, Tom Wallace, said: "Globally, digital financial advice services are demonstrating rapid growth.
We believe that Ignition Wealth delivers the best in class offering for the Australian market and provides the best opportunity for growth".
The latest investment in Ignition Wealth came after the firm announced a significant investment from Class and Countplus chairman, Barry Lambert, and a partnership with global fund administrator, Link Digital Solutions. Ignition Wealth chief executive, Mark Fordree, welcomed the investment by the Millinium Alternatives Fund, saying it was crucial to match capital resources with market opportunities.