Social investing app Shares raises $40m for European expansion

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London-based social and community-based investing app Shares is eying European expansion and a move into crypto after raising $40 million in a Series B funding round led by Valar Ventures.

The round, which brings Shares’ total funding to $90 million in little over a year, comes two months after the app launched in the UK.

The startup has 150,000 users for its app which mixes all the features expected from a social media app with a simple investment product.

When buying or selling, users can share their views on the investment they are making with their close circles by sharing captions and GIFs.

An activity feed lets members keep track of, and react to, all their friends’ investments in real-time. People can also create group watchlists with their friends to track their next opportunities together as well as use group chats and private DMs for discussions. In addition, member profiles let users see what shares friends invest in, and their aggregated profits and losses.

Shares says that these features make it easier for people to discuss their investing, rather than relying on outside platforms such as Reddit and WhatsApp.

With the new funding in place, Shares expects to go live in the rest of Europe by the end of the year. It has already hired general managers in Barcelona, Berlin, Stockholm, Krakow and Amsterdam.

The firm is also set to make a Web3.0 push, scoping its crypto proposition that will enable users to transact in the digital assets space, seamlessly, all via the Shares application.

Benjamin Chemla, CEO, Shares, says: “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.”