US-based online investment platform developer Republic closed the first tranche of a $36m series A round yesterday featuring Motley Fool Ventures, the strategic investment arm of financial information provider The Motley Fool.
The round was led by Galaxy Interactive, a subsidiary of digital asset-focused merchant bank Galaxy Digital, and it included Tribe Capital and Broadhaven Ventures. It took the total raised by Republic and its subsidiaries past $70m, the company said.
Prosus Ventures, a corporate venturing vehicle for media and e-commerce group Naspers, bought an undisclosed amount of Republic Notes, a profit-sharing digital security product launched by the company, alongside the series A round.
Republic operates a platform with more than 1 million registered users who can use it to invest in startups, real estate, crypto and gaming products. The funding came shortly after its decision to facilitate digital asset sales on its platform.
Crypto exchange operator Binance’s venture capital arm, Binance Labs, co-led a $12m round for Republic in 2018 with blockchain project owner NEO’s NGC ECO Fund, investing with ZK Capital, Oyster Ventures, FBG Capital, Hazoor Capital, East Chain and ZhenFund.
The company subsequently raised $16m in a December 2020 sale of its Republic Notes, which pay out dividends to buyers when companies that raised funding on Republic exit.
