StashAway has raised $16 million in a Series C round, led by Australian venture capital fund Square Peg, the Southeast Asia-based digital wealth manager said in a statement Monday.
Other participants in the round included German media and tech company Hubert Burda Media’s growth capital arm Burda Principal Investments, as well as existing investor and Fidelity-backed Eight Roads Ventures, the statement said.
“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,” Michele Ferrario, co-founder and CEO of the company, said in the statement.
The Singapore-based robo-advisor functions as a digital wealth management platform offering automated and personalised portfolio management to its clients.
StashAway, which was founded in Singapore in 2016, and operates in both Singapore and Malaysia, has raised $36.4 million across four funding rounds. Other investors have included the Rozario family, according to Crunchbase data.
Raj Dugar, the managing partner for India and Southeast Asia at Eight Roads Ventures, said Stashaway’s assets under management had risen more than four times over the past year, even amid volatile markets.
Eight Roads led Stashaway’s $12 million series B round around a year ago. Dugar sits on StashAway’s board.
As of end-June, StashAway’s portfolio’s have posted annualised returns ranging from 4.9 per cent for the lowest risk portfolio, to 11.6 per cent for the highest risk one, the company said. It added it has launched an income portfolio and a cash management service since completing the Series B round in mid-2019.
Tushar Roy, a Square Peg partner, will join StashAway’s board of directors.