Halal-focused ethical investing platform Wahed Invest has closed a $7m seed round from Cue Ball Capital and BECO Capital.
New York-based Wahed is a Halal-focused investment platform to ensure the users capital is used to invest in companies which comply with their values. The platform is a robo-advisor supported automated investment platform.
There is a minimum investment size of $100 to ensure investing is available to everyone residing in the US. Users are allocated an optimal portfolio, based on their risk tolerance and ideal investment strategy.
The company is launching the ability for clients to rollover 401k and IRA assets on to the investment platform. Wahed’s services will be made available to the UK by the end of the year.
Cue Ball Capital partner Ali Rahimtula said, “With its democratizing platform, ethical review board, and expansive offering, Wahed has gone to extensive measures to create an investing platform for this very large market.”
This investment comes hot off the heels of its previous fundraise, after the company picked up $5m earlier in the year, to support the products launch.
Earlier in the year Malaysia-based HelloGold closed its Series A on an undisclosed amount. The Shariah compliant company allows customers to invest and buy gold.
Last month saw a range of investment platforms receive waves of funding, with stock trading platform BUX closing a €10m Series C round, led by HV Holtzbrinck Ventures. Singapore-based investment platform CapBridge netted a $4m funding round alongside a partnership with the Singapore Exchange.
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