StashAway, a Singapore-based robo-advisor, has raised $12 million in a Series B funding round, led by Eight Roads Ventures. Eight Roads is an investment arm of Fidelity International.
The round was also joined by Asia Capital & Advisors, a private equity firm led by Francis and Aaron Rozario. Asia Capital is an existing investor in StashAway, having previously invested in the startup’s pre-series A and Series A rounds. StashAway’s latest round brings the total funds raised to date to $20.4 million.
StashAway was founded in 2016 by Michele Ferrario, former ZALORA Group CEO; Freddy Lim, former MD and Global Head of Derivatives Strategy at Nomura; and Nino Ulsamer, a serial tech entrepreneur.
The Singapore-based robo-advisor functions as a digital wealth management platform that delivers automated and personalised portfolio management to its clients.
After raising its Series A round in March 2018, StashAway entered its second market Malaysia. In Singapore, it is the first robo-advisor to accept the country’s Supplementary Retirement Scheme Fund for investments, and has introduced its own financial education programme called StashAway Academy.
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 our 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.”
Raj Dugar will join StashAway’s Board of Directors as part of the deal. Eight Roads’ other portfolio companies include prominent names such as Akulaku, BankBazaar, Chai Point, Cipla Health, Eywa, Icertis, Laurus Labs, Manthan Systems, among others.