Stock investment application Stockpile has bagged a $30m Series B funding round, which was led by Fidelity backed Eight Roads Ventures.
Other contributions to the round came from firms including Mayfield, Arbor Ventures, Hanna Ventures, Wang Ventures, and among others.
Launched in 2015, Stockpile is a stock investment platform designed for everyone, especially first-time investors including millennials, kids and teens. Users can buy individual stocks or ETFs at 99 cents a trade, set up automatic investment plan, track investments, stock investing education lessons, or help others get started by purchasing e-gifts or physical gift cards redeemable for stock.
The platform, which is available for iOS and Android, users can open brokerage accounts and invest as little as $5.
This new round of capital will be used to bring stock investing to more millennial customers, as well as expanding its offerings.
Stockpile founder and CEO Avi Lele said, “We’re on a mission to make it simple for everyone especially young, first-time investors to save and invest for their future. Fractional shares make market investing fun, easy, and personal. Even someone with only a few dollars can buy a piece of a favourite brand like Amazon or Alphabet, which are currently trading close to $1000 a share.”
This new round of funding brings total capital raised by Stockpile to more than $45m, with the company receiving a $15m Series A in 2015. The prior round was led by Mayfield and saw participation from Arbor Ventures, Stanford University, and actor Ashton Kutcher.
Other investments in to stock investing platforms include Australia-based Stockspot $2.2m round, Simply Wall St raising $1.8m in a Series A and StockViews latest equity round.
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