Image credits: Shares
Shares, a UK-based social and community-based investing app, announced on Monday that it has raised $40M (approximately €39M) in a Series B round of funding led by Valar Ventures
The round brings the total investment in the company to $90M (approximately €87.9M) in 14 months since its launch.
Fund utilisation
Shares says it will use the funds to accelerate product development and its expansion throughout the European Union and other international markets. Subject to relevant regulatory approvals, Shares expects to go live in the rest of Europe by the end of the year.
The London company has hired regional general managers and teams in Barcelona, Berlin, Stockholm, Krakow, and Amsterdam to support its growth within these markets.
The company will also be entering the Web3.0 space. The company is currently scoping its crypto proposition that will enable users to transact in the digital assets space via the Shares application.
Benjamin Chemla, Founder and CEO of Shares, says, “It’s fantastic to see the unwavering confidence our investors have not only in Shares as a platform, but in the team behind it as we go from strength to strength. As part of our mission to democratise the financial world, we remain committed to being innovative, agile, and prepared to provide a first-class experience for our customers of today and tomorrow. This latest investment from Valar Ventures will only serve to reinforce our growing momentum, supporting the next stage of our expansion into Europe that in turn will act as a springboard into international audiences.”
Shares: What you need to know
Co-founded by Benjamin Chemla (CEO), François Ruty (CTO), and Harjas Singh (CPO), Shares developed an investment app to make investing accessible. It is a one-stop platform for any investor to make trades, better manage their portfolio, and discuss opportunities with friends and family.
The company is on a mission to level the investing playing field and make financial freedom accessible for everyone.
In just three months since its launch in the UK, over 150,000 people have joined Shares, 66% of those being Gen Z (below 25) and 26 per cent millennials (26-41).
The UK app currently offers social trading, activity feeds and push notifications, group watchlists and activity signals, chats and social push notifications, analyst ratings, and price alerts.
Residents in the UK may download the Shares app via the Apple App Store (for iOS devices) and Google Play Store (for Android devices).
Investor
Valar Ventures is a VC firm backed by Peter Thiel and focuses on tech startups outside of Silicon Valley.
James Fitzgerald, Partner at Valar Ventures, says, “We are proud of the growth Shares has accomplished over the last few months. The UK launch was a great achievement, and we can’t wait to see Shares growing throughout Europe. This was an opportunity for us to invest in an innovative social trading company that challenges the status quo of traditional retail investing — we look forward to working alongside Benjamin and the team in continuing this mission.”
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