London-based social and community investing app Shares is planning to expand into Europe and venture into the cryptocurrency space after successfully raising $40 million in a Series B funding round led by Valar Ventures.
This funding round brings Shares’ total raised amount to $90 million in just over a year and follows the app’s launch in the UK two months ago. The startup has already attracted 150,000 users with its unique blend of social media features and straightforward investment products.
Users of the app can share their investment experiences with friends by posting captions and GIFs when buying or selling. The activity feed allows members to track their friends’ investments in real-time, while they can also create group watchlists and engage in private chats to discuss potential opportunities. Member profiles enable users to view their friends’ investments along with their aggregated profits and losses.
Shares emphasizes that its interactive platform simplifies discussions about investing, reducing reliance on external platforms like Reddit and WhatsApp.
With the new funding secured, Shares aims to launch across Europe by the end of the year and has already appointed general managers in key cities including Barcelona, Berlin, Stockholm, Krakow, and Amsterdam. Additionally, the company is planning a move into Web 3.0, exploring a cryptocurrency proposition that will allow users to engage in digital asset transactions seamlessly through the Shares app.
Benjamin Chemla, CEO of Shares, remarked, “This latest investment from Valar Ventures will only serve to reinforce our growing momentum, supporting the next stage of our expansion into Europe, which will act as a springboard into international audiences.”