Shares, a London-based social investment platform that allows anyone to invest without minimums, has closed a $40M Series B funding round led by Peter Thiel-backed Valar Ventures, raising the total funding to $90M. The announcement comes three months after raising $40M in a Series A funding in March.
How will the funding be used?
The UK company will use the recent investment to innovate its product further, building community-centric products designed to make access to investments easier.
Additionally, a part of the procedure will support the company’s expansion and growth into countries throughout the European Union and entry into other international markets.
Subject to relevant regulatory approvals, Shares expects to go live in the rest of Europe by the end of the year. It has since hired regional general managers and teams in Barcelona, Berlin, Stockholm, Krakow, and Amsterdam to support its growth within these markets.
Commenting on the fundraising, Benjamin Chemla, Founder & CEO, 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 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.”
Offering financial freedom
Founded by Benjamin Chemla, François Ruty, and Harjas Singh, Shares is on a mission to level the investing playing field and make financial freedom accessible for everyone.
Over 150,000 people have joined Shares in just three months, 66% being Gen Z (below 25) and 26% millennials (26-41).
The 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.
Additionally, Shares will be entering the Web3.0 space. Shares are currently scoping its crypto proposition that will enable users to seamlessly transact in the digital assets space via the Shares application.
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.”