New Zealand markets investment platform Sharesies has raised NZ$50 million (A$48m) in a series C that values the business at NZ$500 million (A$480m).
The round was led by existing investor Amplo. The US VC firm contributed around half the raise to take a 7.5% slice of the company. New Zealand VC Icehouse Ventures also backed the raise, alongside Benton Group, Even Capital and Rahul Mehta, managing partner at New York firm DST Global.
The new round doubles the previous NZ$25 million (A$24n) raise less than 12 months ago in December 2020.
The fresh capital is primarily for the expansion of its new Australian arm, which launched in April this year, as well as the Kiwi parent company, with Sharesies also looking at additional international options.
Sharesies was founded in 2017 by Brooke and Leighton Roberts. The fintech has seen its customer numbers double in the last 12 months, with more than 450,000 investors able to buy shares and ETFs with no minimum investment. Sharesies offers access to the ASX, NZX, NYSE, Nasdaq, and CBOE, across nearly 8,000 funds and companies. The Sharesies platform now has more than NZ$1.7 billion in funds under management. The Australian venture operates as a separate entity and provides Australian investors access to the NZ-based Sharesies platform.
Co-founder Brooke Roberts said the Sharesies vision is to give people with the same investment opportunities whether they have $5 or $5 million by removing barriers to investing like education, access, and confidence.
She was delighted by the support from prominent investors in the series C round.
“It’s fantastic that we’re continuing to get very strong support to fund our purpose-driven growth plans including within Australia. We’re just getting started and we’ve got heaps planned to provide further financial empowerment,” she said.
Amplo founder and CEO Sheel Tyle said his VC firm looks to invest in companies that are purpose-led.
“The ambition of the Sharesies team to help everyday people succeed in growing their wealth made the decision to strengthen our existing investment into Sharesies a no brainer,” he said.
“We are delighted to be a part of Sharesies’ next chapter in Australia. “