London-based startup brings in $40 million to allow friends and family to invest together
Summary
The use of social networks has fundamentally changed how we interact with friends and family, what we talk about and how we make decisions. Betting big on the new trend, UK-based social and investing startup Shares has raised $40 million and unveiled its app. The $40-million Series A funding comes on the back of one of Europe’s largest-ever seed rounds of $10 million pre-product in 2021, from investors that include early backers of N26, Wise and co-founder of Freetrade. Founded by Benjamin Chemla, François Ruty, and Harjas Singh less than a year ago, the app combines the simplicity of an investment product with all the features users would expect from a social media app to create a unique trading community offering users no-minimum, no fee access to hundreds of stocks from just £1. Benjamin Chemla, co-founder and CEO of Shares said: “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.” Harjas Singh, co-founder and chief product officer, Shares said: “Catered to resonate with the next generation of investors, the social element is integral to the experience, not an afterthought.