New York-headquartered cross-border investment platform Stockal raised USD 9 million in Series A funding. The round took place on April 13, 2022.
Hashed, a multi-billion global dollar, web3 focused venture fund, and PEAK6, U.S- based multi-billion dollar investment firm, participated in the funding. Meanwhile, ARC Group Ventures, Trica, 7Square, AZ Ventures, Czar Capital, and Riso Capital invested in the Series A round. Some of Stockal’s existing investors also participated in the round.
Purpose of Funding for Stockal
Stockal will use the new proceeds from the recent funding round to expand its reach. The company seeks to enter the South East Asia market. The investment platform already has a presence in the MENA region. Stockal has an office in Dubai, Bangalore and partnerships in UAE, Oman, and Bahrain.
Previously the company raised about USD 4 million from HDFC, AROA Ventures, Cadenza Capital, July Ventures, and others.
The company also gets to enjoy partnerships with financial services firms such as HDFC, Motilal Oswal, IIFL, Geojit, Scripbox, JM Financial, Centrum Wealth etc. Stockal offers its users a global investing platform.
What the founder has to say
Speaking on the latest fundraise, 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 their global potential. 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 work closely with banks and regulators in all our markets to make Stockal an extremely seamless platform.”
What the investor has to say
Simon Kim, CEO & the 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.”
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