StashAway, an online advisor for retail and accredited investors platform, based out of Singapore, has gained $12 million (approx ₹82 crore) in series B round led by Eight Roads Ventures. While, Asia Capital & Advisors, the existing investor in the company also participated in the round.
As part of the deal, Raj Dugar will join the company’s Board of Directors.
“The disjointed Southeast Asian wealth management landscape offers great potential to low-cost digital investment managers. StashAway is a regional pioneer in this sector, and we are impressed by the management team’s vision and execution. Their transparent pricing, robust investment methodology, and ease of use make for a compelling customer proposition,” Raj Dugar, Managing Partner Asia at Eight Roads Ventures, said.
StashAway was incorporated by Michele Ferrario, Freddy Lim, Nino Ulsamer in 2016. It is a digital wealth management platform that delivers automated, personalised portfolio management to each client’s individual portfolios.
On the other hand, Eight Roads partners was founded in 2008. The company is active in Ventures, Principal Investments and Real Estate. The company is present in Asia and in Europe and work alongside associated funds around the world, providing substantial global scale, expertise and market reach.
With a team of 40 employees, StashAway claims users across 125 nationalities and spread across 77 countries have opened an account and used the platform since launching services in Singapore in mid-2017.
“The financial backing from Eight Roads Ventures, one of the earliest investors in Alibaba, alongside the continued support of Asia Capital & Advisors, will accelerate investment product development for our clients in Singapore and Malaysia, while also supporting market expansion throughout the APAC region, and doubling down on financial education content development and distribution,” Michele Ferrario, Co-founder and CEO of StashAway, said.
Therefore, apart from StashAway, other industry players include Bambu, Autowealth, WeInvest, Smartly, smart folios, and many more.