Robo adviser Stockspot secures $3 million in funding
Stockspot CEO and founder Chris Brycki. Source: Stockspot.
The automated advice platform has now raised $5 million since its 2014 launch.
Digital investment adviser Stockspot has announced an additional $3 million in funding from its recent capital raise. This brings the total amount of capital secured by the robo advice platform up to $5 million since its launch in 2014.
This latest capital raise was led by the founder of ETF Securities Graham Tuckwell, Alium Capital and algorithmic trading entrepreneur Danny Bhandari. Existing Stockspot shareholders Toby Heap and Ben Heap from H2 Ventures also participated in this latest funding round.
The $3 million capital raise will be used to build on the robo adviser’s digital offering and attract new clients, says Stockspot CEO and founder Chris Brycki.
“Our new shareholders have deep knowledge across ETFs, wealth management and fintech," said Brycki. "Their shared experience will bolster our growth capability. The calibre of Stockspot’s investors and the belief that they have in our company demonstrates that digital wealth management will fundamentally change financial services in Australia.”
“Graham is a global ETF pioneer, having invented exchange traded commodities and built a business managing over US$22 billion in assets. There is so much we can learn from him as we continue growing Stockspot.”
Graham Tuckwell says that he is investing in Stockspot so that the robo adviser can expand its business and help more Australians become smart investors.
“Stockspot has created a transparent, low-fee and a first class investment experience for clients," said Tuckwell. "Technology has delivered better and cheaper asset management for all investors, through the creation of ETFs. Robo platforms such as Stockspot will continue the process of using financial technology to deliver more accessible and more cost-effective investment solutions compared to those offered to date by traditional fund managers.”
Since launching in 2014, Stockspot has attracted thousands of clients, many of which are millennials who were quick to embrace the relatively new concept of digital investment advice.