SINGAPORE, July 27, 2020 /PRNewswire/ — StashAway, Southeast Asia’s largest and fastest-growing digital wealth manager for both retail and accredited investors, has completed a $16 million USD ($22.3 million SGD) Series C fundraising round. Square Peg, the largest venture capital fund in Australia, led the round, and Burda Principal Investments, the growth capital arm of German media and tech company Hubert Burda Media, as well as existing investor Eight Roads Ventures, the global investment firm backed by Fidelity and early investor in Alibaba, both also participated in the round.
Michele Ferrario, Co-founder and CEO of StashAway says, “This new round of financing further strengthens StashAway’s balance sheet position, bringing our paid-up capital to $50.7 million SGD. This latest round will enable us to accelerate product development to both broaden and deepen our wealth management offering for our clients in Singapore and Malaysia, as well as support new market entry.”
Square Peg’s Partner, Tushar Roy, will join StashAway’s Board of Directors. Tushar brings with him more than 20 years of professional experience investing and consulting across industries and geographies. Tushar led Square Peg’s investments in other Singapore-based companies, such as FinAccel, Chope, and Doctor Anywhere. On investing in StashAway, Tushar says, “It was clear to us that StashAway is an obvious leader in Southeast Asia’s digital wealth management industry, but what sealed the deal for us was its people. We haven’t seen such an experienced and driven team in this space. The team is now 85 people strong across 5 countries, and they’ve been clearly attracting top-tier talent to drive the company and product forward.”
Eight Roads Ventures has participated in this round after leading its $12 million USD Series B in 2019. “The strong customer value proposition and StashAway’s stellar execution has been demonstrated by its rapid growth. Its AUM has grown over 4.3X in the last year alone in an extremely volatile market. We continue to remain very excited about StashAway’s pioneering efforts in developing digital wealth management offerings in the region.” said Raj Dugar, Managing Partner India & Southeast Asia at Eight Roads Ventures, who sits on StashAway’s Board of Directors.
StashAway’s portfolios have generated annualized returns* ranging from 11.6% for its highest risk portfolio and 4.9% for its lowest risk portfolio since it launched in July 2017. All core growth-oriented portfolios have outperformed their respective same-risk benchmarks.
Since its Series B fundraising round in July 2019, StashAway has launched the Income Portfolio in Singapore and StashAway SimpleTM, a cash management solution that has been welcomed enthusiastically by clients in Singapore and Malaysia.”
*As of the End of June 2020, returns in SGD
Our same-risk benchmarks are proxied by MSCI World Equity Index (for equities) and FTSE World Government Bond Index (for bonds). The benchmarks we use have the same 10-years realised volatility as our portfolios. Past performance is not a guarantee for future returns. Before investing, investors should carefully consider investment objectives, risks, charges and expenses, and if need be, seek independent professional advice.
About StashAway
StashAway is a digital wealth management platform that offers investment and cash management portfolios for both retail and accredited investors. Its technology delivers automated, personalised portfolio management for each client’s individual portfolios. It offers global growth-oriented investment portfolios targeting different levels of risk, a yield-focused Income Portfolio, and StashAway SimpleTM, a straightforward cash management solution.
StashAway was founded in 2016 in Singapore, and operates in Singapore and Malaysia. StashAway has a Capital Market Services License for Retail Fund Management from the Monetary Authority of Singapore, and a Capital Market Services License for Retail Fund Management from Securities Commission Malaysia. The company has raised $36.4 million USD in four funding rounds.
About Square Peg
Square Peg is a venture capital firm on a mission to empower exceptional founders. It invests in technology companies across Australia, Israel and Southeast Asia at the Series A and B stage. Square Peg is investing out of its US$230 million 2018 fund and manages more than US$1 billion in capital commitments.
About Hubert Burda Media
Hubert Burda Media, headquartered in Munich, Germany, is an international technology and media company with over 550 brands and products that are oriented to the needs of consumers. Burda has 175 million users and approximately 60 million paying consumers globally. Burda has been a pioneer in adopting digital technology and is a trusted partner for the long-term success of digital businesses. Burda Principal Investments is the company’s unit to provide growth capital to digital ventures in the United States, Europe, and Asia.
About Eight Roads Ventures
Eight Roads invests in high quality, high-growth companies in Asia, Europe, Israel and the US, with a focus on technology, healthcare and consumer. Eight Roads is committed to making the companies it invests in leaders in their industries through access to patient capital, a powerful network of resources and a team of investment professionals with a proven track record of success.
Some of Eight Roads’ investments in India and Southeast Asia include Akulaku, BankBazaar, Chai Point, EarlySalary, Icertis, Manthan Systems, Northern Arc Capital, Shadowfax, StashAway, Silot, Whatfix, LeadIQ, FarEye and MoEngage.