Investment app Shares raises $40 million in Series B funding round

UK-based investment app Shares raised $40 million in a Series B funding round led by American venture capital firm Valar Ventures.

The fintech company, which raised another $40 million in Series A round led by the same firm earlier this year, has raised $90 million so far since its foundation in 2021.  

Shares said that it’d use the funding to expand its offerings into the European market, for which it has already hired leaders in Amsterdam, Barcelona, Stockholm, Berlin and Krakow. The company is also planning to step into the crypto business. 

‘’This latest investment from Valar Ventures will only serve to reinforce our growing momentum,’’ said Benjamin Chemla, Shares founder & CEO. ‘’We are also now looking at the next stage of expansion into Europe that in turn will act as a springboard into international audiences.’’

Shares rolled out its investment app in the United Kingdom in May this year, and it has been downloaded by 150,000 users so far. The company also received investments from Global Founders Capital, Singular and Red Sea Ventures. 

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“The U.K. launch was a great achievement, and we can’t wait to see Shares growing throughout Europe,’’ said James Fitzgerald, the founding partner at Valar Ventures.  ‘’This was an opportunity for us to invest in an innovative social trading company that challenges the status quo of traditional retail investing.”