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Nutmeg was founded in 2011 by Nick Hungerford (1980–2023) and William Todd. In 2019, The Economist described Nutmeg as a "hit fintech startup" and as being a client of Carta, a firm that keeps track of the stakes in companies. [6] Martin Stead left the company in 2019, following a loss of £18.6 million. Nutmeg has yet to make a profit. [7]
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They released three albums with Loosegroove before the company folded in 2000: Nut-meg says Bozo the Town (1994);featuring Matt Chamberlain on one song, Highperspice (1996), and Nutmeg Phantasy (1998). In 2001, the band released "Illoominutty" on Fishbone's Nuttsactor 5 record label, and in 2003, they released "Color Me Funky".
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