Peter Thiel-backed Valar Ventures is leading a $40 million financing round into European investing app Shares.
The new round of financing brings the year-old company’s total funds raised to $90 million, and will give Shares further cash to expand across Europe, the company said in a statement.
Chief Executive Officer Benjamin Chemla plans to take the service to the rest of Europe by the end of the year, if he can get regulatory approval, and has hired regional leaders in Barcelona, Berlin, Stockholm, Krakow and Amsterdam. The company is also exploring offering services around cryptocurrency markets, according to the release.
Shares has also raised funding from firms including Global Founders Capital and Singular. The investment comes amid a broader pullback among financial technology companies, with investors souring on fast-growing cash-burning companies because of rising interest rates and a darkening economic outlook.
The company -- which was founded in 2021 and launched in the UK two months ago -- said it has more than 150,000 users who access the app to trade stocks, read market data and chat about investing, according to its website.
This article was provided by Bloomberg News.