In its Series A funding, Stockal, a global investment platform, raised $9 million. Hashed (a global web3 focused venture fund) and PEAK6 are among the investors who contributed to this round of funding (an investment firm in the US). Aside from ARC Group Ventures, Trica, 7Square, AZ Ventures, Czar Capital, Riso Capital, and some of Stockal’s existing investors, the round included ARC Group Ventures (ARC Group’s venture capital arm), Trica, 7Square, AZ Ventures, Czar Capital, Riso Capital, and some of Stockal’s existing investors.
Stockal plans to use the fresh capital to accelerate its international expansion plans, according to the company. “With the fresh inflow of funds, Stockal will now be entering the South East Asian markets,” it added.
Commenting on the funding, the co-founders and co-CEOs – Sitashwa Srivastava and Vinay Bharathwaj – said, “We are very excited about the opportunity of making investing and savings a truly borderless use-case. Investors from emerging markets have always been short-changed when it comes to finding diverse investment opportunities and we are happy to play a large role in unlocking the global potential for them. The last couple of years has highlighted that there is a tremendous appetite among retail investors to make their money borderless and they will make the leap provided the required ecosystem is available. We are working very closely with banks and regulators in all our markets to make Stockal an extremely seamless platform.”
Simon Kim, CEO & managing partner at Hashed, said, “We are very bullish on the global investing trend. As financial boundaries are becoming smaller, people in Asia are looking at investing options that are global and democratic. We believe Stockal has the right ingredients to build global leadership in this space. They have created a very impressive distribution network in India and MENA and we are excited about their prospects and approach in South East Asia and Eastern Europe.”