Australian startup raises $2.2m to grow its robo-advisor business downunder
Stockspot, a Sydney-based robo-advisor and fund management firm, announced today it has raised its series B round worth US$2.2 million.
The round was led by Graham Tuckwell, founder of international asset management company ETF Securities, and Australian investment manager and fund Alium Capital. Australian entrepreneur and Young Rich List member, Danny Bhandari, and existing investors also joined in.
Stockspot was founded in 2013 to offer investment advice to more people by eliminating the need for high fees, opaque jargon, and confusing paperwork. The funding will be used to continue developing the startup’s AI tech, grow its client base, and attract a broader range of investors.
The company claims to have over 25,000 registers users and subscribers but doesn’t specify how many of those are active. It also doesn’t comment on its revenue.
“Our new shareholders have deep knowledge across exchange-traded funds, wealth management, and fintech,” says founder and CEO Chris Brycki. “Globally, robo-advice is the fastest growing category of wealth management, it is expected by 2020 total global assets under management will grow to US$2.2 trillion,” he adds.
With this funding, Stockspot has raised a total of US$3.7 million so far. It had raised US$1.25 million in June 2015.
Converted from Australian dollars. US$1 = AUD 1.35
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