“Social investment” app Shares raises $40 million in Series B
Social investment app Shares has raised an additional US$40 million in Series B funding led by Valar Ventures, as the Paris-based fintech sets its sights on 40 new expansion markets.
The latest raise matches the amount secured in Shares’ Series A round in March, bringing the total amount raised by the platform to US$90mn. The company will apparently use the funding to incorporate new “community-centric” features into its app. It also plans to roll out shares in new geographies, a large proportion of which will be in the EU – such as Germany and Spain.
Shares was founded last year as a means of tackling investor isolation and making investing more social. The app allows users to network with family and friends, bringing investment and communication into a single environment. Between them, the fintech startup’s founders – Ben Chemla, François Ruty and Harjas Singh – bring a wealth of experience in technology. They previously spearheaded Revolut’s retail investment product, created visual effects solutions for world-class studios, and led on-demand delivery platform Stuart for an acquisition of French postal service La Poste.
Investment is the “next step” in the shares’ European expansion
Equity founder and CEO Ben Chemla was quoted as saying: “It’s fantastic to see the unwavering confidence our investors have not only in Equity as a platform, but in the team behind it as we go from strength to strength. As part of our mission to democratize the world of finance, we remain committed to being innovative, agile and prepared to provide a first-class experience for our customers today and tomorrow.
“This latest investment from Valar Ventures will only reinforce our growing momentum, supporting the next phase of our expansion into Europe which will act as a springboard into international audiences.”
The app is also exploring the possibility of integrating crypto assets into stocks, giving users the ability to buy and sell the most popular digital assets. The community aspect of the platform will be a draw for crypto newcomers and the crypto curious; last year, research suggested that one in three crypto buyers had only a limited understanding of what they were investing in. Reassurance can prove to be an important tool, especially given recent volatility in the crypto market.
James Fitzgerald, partner at Valar Ventures, said: “We are proud of the growth the shares have achieved in recent months. The UK launch was a great achievement and we look forward to seeing the shares grow across Europe. This was an opportunity for us to invest in an innovative social commerce company that challenges the status quo of traditional retail investing. We look forward to working with Benjamin and the team to continue this mission.”
