Shares, a combination investing and social app, has raised $40 million in Series A funding. The round was led by Peter Thiel’s fund – Valar Ventures.
Other investors include Singular and Global Founders Capital. Shares previously raised $10 million.
Shares reports 130 employees in three different offices in London (HQ), Paris, and Krakow. The company reports a wait list of 60,000 with the app now available on both the Apple App Store and Google Play.
Shares states that it is creating a “unique trading community” offering users no-fee access to hundreds of stocks from just £1. Shares enables family, friends and other investors a place to meet and interact in a digital community, similar to what is available on Reddit or other social media outlets.
Shares’ in-house research indicates that over two-thirds of UK millennials (69%) are now investing, with a majority using apps to manage their money (58%).
Approximately one in three (29%) of 18-34-year-olds want to track investments of friends and family. This is the market that Shares is targeting.
Harjas Singh, CPO & co-founder of Shares, said the use of social networks has fundamentally changed how we make decisions:
“With being more connected than ever, why shouldn’t it improve the way we think about investments too? People are already using solutions like Whatsapp, Telegram and joining communities to talk about trading. We’ve realised there is a need for an investment product that allows groups of friends to invest, discuss and share their investment journey. At Shares, we decided to bring it all together. Catered to resonate with the next generation of investors, the social element is integral to the experience, not an afterthought. In less than nine months we’ve built an investing product with an incredible back-office capability with sophisticated AML & Fin-crime detection systems. We are already in a position to compete with the biggest players in the market and are on our way to build a category leader.”
Benjamin Chemla, CEO & co-founder of Shares, said they are very proud of what they have built in just a few months:
“The app is inspired by our own experiences as retail investors and we wanted to improve people’s journey by combining trading with a community element that would radically transform the way people approach finance.”
Chemla added that they are on a mission to help people share experiences and invest in long-term financial wellness.
James Fitzgerald, Partner at Valar Ventures, said they could not be more excited about the future of Shares.
“Its unique take on investing and social combined with the incredible team they are building has given the company all the ingredients it needs to become a category leader. 2022 is going to be an amazing year for Shares and we couldn’t be more excited to be part of it.”
Co-founded by Chemla, François Ruty, Chief Technology Officer, and Singh, Shares reports that it has come to fruition in such a short period of time, along with a strong senior team of industry leaders from the likes of Revolut, Stuart, Morgan Stanley, Bumble, and FreeNow.