Robo-advisor startup StashAway raises US$12M for APAC expansion
StashAway, a robo-advisor for both retail and accredited investors, has completed a US$12 million Series B round of funding led by Eight Roads Ventures, the proprietary investment arm of Fidelity International.
Existing investor Asia Capital & Advisors, the PE firm led by Francis Rozario and Aaron Rozario, also participated in the round, which brings the Singapore startup’s total funds raised to date to US$20.4 million.
As per an agreement, Raj Dugar, Managing Partner Asia at Eight Roads Ventures, will join the Board of Directors.
StashAway Co-founder and CEO Michele Ferrario 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.”
StashAway was founded in 2016 by Ferrario, former chief of Zalora Group; Freddy Lim (CIO), former MD and Global Head of Derivatives Strategy at Nomura; and serial tech entrepreneur Nino Ulsamer (CTO).
It is a digital wealth management platform that delivers automated, personalised portfolio management to each client’s individual portfolios. Its risk-management investment strategy ERAA is designed to maximise clients’ long-term returns while keeping each individual customer’s specific risk exposure constant through changing economic cycles.
StashAway has a Capital Market Services License for Retail Fund Management from the Monetary Authority of Singapore, and a Capital Market Services License for Digital Investment Management from Securities Commission Malaysia.
StashAway currently employs 40 people across its two offices in Malaysia and Singapore.
In March 2018, StashAway closed US$5.3 million Series A funding round from a group of family offices and individual investors.
“Since launch, StashAway has proven not only to be at the forefront of advancing the investment experience, but has also shown, especially over the past year of significant market volatility, the resilience of the investment strategy and the team in dealing with market ups and downs,” said Francis Rozario, who was previously the CEO and Executive Director of Fullerton Financial Holdings, a subsidiary of Temasek Holdings.
“StashAway has emerged as a market leader for low-cost, sophisticated, institutional-level investing for retail and accredited investors alike. This has only served to further increase my confidence that the business can continue this trend in additional underserved markets in the region,” added Rozario.