'Social investing' app Shares raises US$40mn in Series B
Social investing app Shares has raised another US$40mn 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 and brings 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 is also planning to roll out Shares in new geographies, a large proportion of which will be in the EU – like Germany and Spain.
Shares was founded just last year as a means of tackling investor isolation and making investment more social. The app allows users to build networks with family and friends, bringing investing and communicating into one single environment. Between them, the fintech startup’s founders – Ben Chemla, François Ruty and Harjas Singh – bring a wealth of experience within tech. They have previously spearheaded Revolut’s retail investment product, created visual effects solutions for world-class studios, and led on-demand delivery platform Stuart into a buyout by the French postal service La Poste.
Investment is ‘next stage’ of Shares’ European expansion
Shares Founder and CEO Ben Chemla was quoted as saying: “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 today and tomorrow.
“This latest investment from Valar Ventures will only reinforce our growing momentum, supporting the next stage of our expansion into Europe that will act as a springboard into international audiences.”
The app is also exploring the possibility of integrating crypto assets into Shares, 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 could prove to be a vital tool, particularly given recent volatility in the crypto market.
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.”
