[Series A] Shares social trading app raises $40m from Peter Thiel's fund

[Series A] Shares social trading app raises $40m from Peter Thiel's fund

One in four French people say they know the practice of social trading, according to a study by the Harris Interactive polling institute conducted for eToro. This is the practice of copying, automatically or manually, another trader's positions. These platforms are expected to grow by nearly 50% by 2025.

It is in this market that the French startup Shares intervenes, which has just raised 40 million dollars from Valar Ventures, the fund of Peter Thiel, to launch its application in the United Kingdom. This transaction brings the company's total financing to $50 million, less than a year after its creation.

Launched under the impetus of Benjamin Chemla, founder of Stuart (a platform specializing in last-mile delivery), Shares is developing an investment application equipped with social network functionalities. Indeed, the startup defines itself more as a social network dedicated to trading, on which groups of friends can exchange and establish strategies to invest.

Cryptocurrencies soon to be integrated

The application allows access to Nasdaq shares but aims to integrate cryptocurrencies soon. In this sector, there are trading platforms like eToro, which also has a social trading feature.

“I think there have been several generations of trading platforms. First the Robinhood generation, Trade Republic and of which eToro is a part. They had a fantastic role, which is that of the democratization of finance. They introduce fractional shares and the absence of commission”, explains Benjamin Chemla. “What didn't exist today was a platform that allowed groups of friends to chat and collaborate to strategize and then invest. »

Initially open to 60,000 pre-registered users, the Shares app is now available to everyone in the UK. The French startup, which has recruited 130 employees across Europe, plans to deploy its application on the continent, particularly in France, before the summer of 2022.

Find the full interview with Benjamin Chemla, co-founder and CEO of Shares, at the microphone of Richard Menneveux:

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