[Funding alert] Wealth management platform StashAway raises $12M in Series B led by Eight Roads Ventures
StashAway, a Singapore-based robo-advisor for retail and accredited investors, has completed a $12 million Series B round led by Eight Roads Ventures, the proprietary investment arm of Fidelity International.
Eight Roads, which has invested $6 billion since 2008 in India and Southeast Asia, has backed Indian startups such as BankBazaar, Chai Point, Whatfix, Cipla Health, Eywa, Icertis, Laurus Labs, Manthan Systems, Netmagic (NTT), Shadowfax and Northern Arc Capital among others.
Raj Dugar, Managing Partner Asia at Eight Roads Ventures, said,
“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.”
As part of the deal, Raj Dugar will join the company’s Board of Directors.
The existing investor Asia Capital & Advisors, the private equity firm led by Francis Rozario and Aaron Rozario, also participated in the round. It previously invested in StashAway’s pre-Series A and Series A funding rounds. The latest round brings StashAway’s total funds raised to date to $20.4 million.
Speaking about the investment, Michele Ferrario, Co-founder and CEO of StashAway, said,
“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.”
Founded in 2016 by former ZALORA Group CEO Michele Ferrario, former MD and Global Head of Derivatives Strategy at Nomura, Freddy Lim (CIO), and serial tech entrepreneur, Nino Ulsamer (CTO), StashAway is a digital wealth management platform that delivers automated, personalised portfolio management to each client’s individual portfolios. Its risk-management investment strategy, ERAA® (Economic Regime-based Asset Allocation), is designed to maximise clients’ long-term returns while keeping each individual customer’s specific risk exposure constant through changing economic cycles.
Regulated by the Monetary Authority of Singapore, the company also introduced its own financial education programming, StashAway Academy, for investing beginners, experts, and everyone in between.
It also entered its second country, Malaysia, in 2018. 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.