The financial technology firm reported it had raised just under £19million to help its plans to expand the business.
Investments have come from Schroders, Carphone Warehouse founder Charles Dunstone, and venture capital business Balderton, which has previously backed companies such as Lovefilm.
The latest capital raise means the innovative investment management business has now attracted a total of £29.46m.
Chief executive Nick Hungerford said: "Today's announcement is hugely exciting. Nutmeg is changing the world of investing - we are giving customers what they really need – and this significant backing endorses the fact we're on the right track.
"We believe our digital model epitomises the future of investment management.
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"We've built an award-winning service from the ground up, one that delivers brilliant portfolio management at an incredibly low cost, in a way that is secure, transparent and above all convenient for the customer."
Nutmeg offers online portfolio management to anyone with £1,000 or more to invest.
It launched in 2012 and has over 35,000 registered users.
Massimo Tosato, executive vice chairman of Schroders, said: "We are delighted to participate in funding Nutmeg's next stage of growth.
"For over 200 years, Schroders has been at the forefront of innovation and this financial investment in an innovative and rapidly growing on-line wealth management business will allow us to engage in the digital changes that are influencing the asset management industry for years to come."
Charles Dunstone, also a Nutmeg customer, said: "I invest in fast growing, sustainable companies that are fulfilling a clear consumer need. Nutmeg ticks all those boxes and more. "Nutmeg is demonstrably changing the face of wealth management. They have a strong proposition, provide exceptional user experience and I'm thrilled to be part of Nutmeg's exciting future."
Nutmeg's customer acquisition in Q1 was 350% up on the same period last year. The new capital raised will primarily be spent on acquiring customers and developing products.