Malaysia-based digital wealth management platform StashAway has closed a $16m series C round backed by Burda Principal Investments, the growth capital unit of media and technology group Hubert Burda Media.
Square Peg Capital led the round, which also attracted Eight Roads Ventures, a venture capital firm spun off from investment and financial services group Fidelity.
Founded in 2016, StashAway runs a digital wealth management platform aimed at retail and accredited investors, offering automated, personalised portfolio management.
The series C funding will enable StashAway to accelerate product development as the company looks to strengthen its market position in Malaysia and Singapore, as well as enter additional markets. Tushar Roy, a partner at Square Peg, will join StashAway’s board of directors.
StashAway has now raised $36.4m in equity financing altogether. Eight Roads Ventures led a $12m series B round in July 2019, with participation from Asia Capital and Advisors.
Asia Capital and Advisors was later revealed to have also participated in StashAway’s $5.3m series A round together with unnamed family offices and private investors, and a $2.2m round in May 2017 together with the Rozario family office.
StashAway had already obtained $516,200 in seed funding from its founding team and angel investors in 2016.