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October 28, 2021

New Zealand’s Sharesies rakes in $48m to fund expansion

By Johney Amala

New Zealand-based investment platform Sharesies has secured $48m (NZ$50m) in its latest funding round to grow business in New Zealand, Australia, and offshore.

The financing round was led by venture capital firm Amplo, with backing from existing major shareholder Benton Group, Icehouse Ventures, and Even Capital.

Other investors in the round included DST Global managing partner Rahul Mehta.

In addition to the expansion, the new capital will help Sharesies fund the release of new products as well as development activities.

Sharesies co-founder and 3EO Brooke Roberts said: “It’s fantastic that we’re continuing to gain very strong support to fund our purpose-driven growth plans. We’ve got heaps planned to provide further financial empowerment here in Aotearoa, as well as in Australia and beyond.”

Launched in June 2017, Sharesies is currently valued at NZ$500m.

The firm currently serves over 450,000 investors and manages more than $1.8bn in funds. It offers investors access to more than 8,000 funds and companies at no minimum investment.

These include recently added unlisted funds and American depositary receipts.

Sharesies, which NZ$25m in last December, expanded its footprint to Australia in August this year.

Amplo founder and CEO Sheel Tyle said: “The ambition of the Sharesies team is to help people succeed in growing their wealth, which made the decision to strengthen our existing investment into Sharesies a no brainer. We are delighted to be a part of Sharesies’ next chapter in Australia, whilst continuing its successes in New Zealand.”

This week, India-based online investment platform Groww raised $251m in a new funding round. With the fundraising, the company tripled its valuation to $3bn in six months.

Earlier this month, US-based investment platform Halo Investing secured over $100m in Series C funding round, bringing its total capital raised to date to $120m.

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