Sydney robo-advisor founded by ex-UBS portfolio manager raises $3 million in series B
Sydney fintech Stockspot has secured $3 million in a series B capital raising round, the startup revealed on Thursday.
Stockspot is a digital investment advisor, commonly known as a robo-advisor, and a fund manager founded by chief executive Chris Brycki, a former UBS and BlueLake Partners portfolio manager.
ETF Securities founder Graham Tuckwell and Australian firm Alium Capital, which invested in HealthEngine and Nitro last month, led the $3 million round.
Stockspot also revealed that H2’s Toby and Ben Heap, who were already investors, and “algorithmic trading” entrepreneur Danny Bhandari contributed to the series B.
“Graham is a global exchange-traded fund (ETF) pioneer, having invented exchange traded commodities and built a business managing over $US22 billion in assets. There is so much we can learn from him as we continue growing Stockspot,” said Brycki.
Brycki said that the investment is testimony to his belief that robo-advisors are the way of the future for wealth management. The cash injection would allow the startup to further develop its product and expand its market to “attract a broader range of Australian investors”.
“Our new shareholders have deep knowledge across ETFs, wealth management and fintech; their shared experience will bolster our growth capability.”
The series B means $5 million has now been invested into Stockspot since the startup was established in 2013. The company did not specify client numbers, other than to say it is in “the thousands”.
Alium Capital partner Rajeev Gupta said that there’s been a “mammoth global shift” to index and ETF funds in recent years and that Stockspot was recognised as having the inside running to benefit from the trend.
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