London-headquartered social and community-focused investing app Shares is looking to expand operations in European markets and also move into crypto after securing $40 million via a Series B round that was led by Valar Ventures.
The investment round, which brings Shares’ total funding to $90 million in just over a year, comes just 2 months following the app’s launch in the United Kingdom.
The Fintech currently has 150,000 clients for its app which mixes the features expected from a social media app with an intuitive investment product.
When purchasing or selling, clients are able share their views/opinions on the investment they are making with their inner circles by sharing various captions as well as GIFs.
An activity feed allows customers to keep track of, and respond to, all their friends’ investments in real-time. Consumers may also create different group watchlists with their friends in order to track their upcoming opportunities together, and also use group chats and private DMs for discussions/interactions.
In addition to this, member profiles allow clients to check out what shares friends are investing in, and their aggregated gains and losses.
Shares’ management noted that these features make it simpler for consumers to discuss their investing, instead of depending on outside platforms like Reddit or WhatsApp.
With the additional funding secured, Shares expects for its product to go live in the rest of Europe by the end of 2022. It has appointed general managers in Barcelona, Berlin, Stockholm, Krakow as well as Amsterdam.
The company is now expected to make a Web3.0 push, evaluating/assessing its crypto proposition that should allow clients to transact in the crypto-assets sector, seamlessly, all through the Shares app.
Benjamin Chemla, CEO at Shares, stated:
“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.”