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Unbounce snags Snazzy.ai to add automated copywriting to platform
Unbounce, a Vancouver startup best known for helping marketers create automated landing pages, added a new wrinkle this morning when it announced it has acquired Snazzy.ai, an early-stage automated copywriting startup. The two companies did not share the terms.
Unbounce Chief Strategy Officer Tamara Grominsky says that her company focuses on helping customers convert their customers into sales, and with Snazzy, it gets some pretty nifty technology based on GPT-3 artificial intelligence technology.
“We’re focused right now on building conversion intelligence software that will allow marketers to work with machines to really unlock their true conversion potential […] and we saw a huge opportunity with Snazzy to focus particularly on the content creation and copy creation space to help us accelerate that strategy,” Grominsky explained.
She points out that the product is really aimed at the marketing generalist charged with overseeing landing pages, and who is responsible for a range of tasks including writing copy. “The average Unbounce customer isn’t a specialized copywriter, so they don’t spend [their work] day writing copy. They’re what we would consider a marketing generalist or really someone who’s responsible for a wide range of marketing responsibilities,” she said.
Snazzy co-founder Chris Frantz says the tech is really about getting people started, and then they can tweak the results as needed. “The hardest part has always been to get that first line, that first page, the first couple of words in — and we eliminate that entirely. That might not always result in amazing copy, but on the plus side you can always click the button again and give it another try,” he said.
Frantz says that with so much competition in the space, he and his co-founder felt they could build a market much faster as part of a larger and broader marketing platform solution like Unbounce.
“I love Tamara’s vision for the future of Unbounce. I think she has a very ambitious vision. She sold me on that very early on in the process. At the same time, there was a lot of competition in the space, and to have a key differentiator with a company like Unbounce, which has a decade of marketing experience and a lot of trust within this community, I think it’s a very powerful wedge that we can use to further grow our audience,” Frantz said.
The tool lets you write a range of copy, from landing pages to Google ad copy. The company launched in alpha last October and already had 30,000 customers, which Grominsky says Unbounce hopes to convert into customers. The good news for those customers is that the company plans to leave Snazzy as a standalone product, while incorporating the tech into the platform in ways that make sense in the coming year.
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UTEC, one of Asia’s largest deep-tech investment firms, launches new $275M fund
The University of Tokyo Edge Capital Partners (UTEC), a deep-tech investment firm, announced the first close of its fifth fund, which is expected to total 30 billion JPY (or about $275 million USD) by June 2021. UTEC currently has about $780 million in total assets under management, and says this makes it one of the largest venture capital funds focused on science and tech in Japan, and one of the largest deep-tech funds in Asia.
UTEC is an independent firm that works closely with universities. It is associated with The University of Tokyo (UTokyo), where it has a partnership with its Technology Licensing Office (TLO) to spin off and invest in companies that originated as research projects. It has also worked with researchers from Waseda University, Kyoto University, Stanford, UC Berkeley, Carnegie Mellon, Cambridge University, the National University of Singapore and the Indian Institute of Technology, among other institutions.
UTEC’s deep-tech investments around the world
Broadly speaking, UTEC focuses on three areas: healthcare and life sciences, information technology and physical sciences and engineering. More specifically, it is looking for tech that addresses some of the most important issues in Japan, including an aging population, labor shortage and the digitization of legacy industries.
“UTEC 5 will allow us to provide more funds from seed/early to pre-IPO/M&A stages in Japan and worldwide, on a wider scale and in a more consistent manner,” said managing partner and president Tomotaka Goji in a statement. “I believe this will further help our startups expand to address the global issues of humankind.”
The firm also partners with other funds, including Arch Venture Partners and Blume Ventures, to find investment opportunities around the world.
UTEC’s portfolio already includes more than 80 Japanese startups and 30 startups from other places, including the United States, India, Southeast Asia and Europe. So far, 25 of its investments have exited. Thirteen went public and now have an aggregated market cap of about $15 billion, and 12 were through mergers and acquisitions.
Some of its exits include 908 Devices, a mass spectrometry company that went public on Nasdaq last year; Fyusion, a computer vision startup acquired by Cox Automotive; and Phyzios, which was acquired by Google in 2013.
About half of UTEC’s portfolio are university spin-offs. For companies that originated in academic research, UTEC supports their commercialization by helping hire crucial talent, including executive positions, business development and go-to-market strategies. The firm’s first check size is about $500,000 to $5 million, and it also usually provides follow-on capital.
“We typically double-down on our investment in subsequent funding rounds of the company and can invest up to about $23 million per company over its lifecycle,” UTEC principal Kiran Mysore, who leads their global AI investments, told TechCrunch.
UTEC’s other investments include personal mobility robotics company BionicM, which started at UTokyo and spatial intelligence solution developer Locix, spun-off from UC Berkeley. The firm also helps startups collaborate with academic institutions. For example, Indian biotech Bugworks collaborates with the Tokyo Institute of Technology and Japanese industrial robotics startup Mujin now works with Carnegie Mellon.
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Financing for students startup StudentFinance raises $5.3M seed from Giant and Armilar
Fintech startup StudentFinance — which allows educational institutions to offer success-based financing for students — has raised a $5.3 million (€4.5 million) seed round co-led by Giant Ventures and Armilar Venture Partners. It’s now raised $6.6 million total, to date.
StudentFinance launched in Spain first, followed by Germany and Finland, with the U.K. planned this year. Existing investors Mustard Seed Maze and Seedcamp, along with Sabadell Venture Capital, also participated.
The startup, which launched at the beginning of 2020, provides the tech back end for institutions to offer flexible payment plans in the form of ISAs (income-share agreements). It also provides data intelligence on the employment market to predict job demand.
It now has 35 education providers signed up, managing over €5 million worth of ISAs. It also works with upskilling platforms including Ironhack and Le Wagon. StudentFinance’s competitors include (in the USA) Blair, Leif, Vemo Education, Chancen (Germany-based) and EdAid (U.K.-based).
As for why StudentFinance stands out from those companies, Mariano Kostelec, co-founder and CEO of StudentFinance, said: “StudentFinance is the only platform in this space providing the full end-to-end, cross-border infrastructure to deliver ISAs for students whilst helping to plug the growing skills gap. Not only do we provide the infrastructure to support the ISA financing model, but we also provide data intelligence on the employment market and a career-as-a-service platform that focuses on placing students in the right job. We are creating an equilibrium between supply and demand.”
With an ISA, students only start paying back tuition once they are employed and earning above a minimum income threshold, with payments structured as a percentage of their earnings. This makes it a “success-based model”, says StudentFinance, which shifts the risk away from the students. They are likely to be popular as workers need to reskill with the onset of digitization and the pandemic’s effects.
The startup was founded in 2019 by Kostelec, Marta Palmeiro, Sergio Pereira and Miguel Santo Amaro. Kostelec and Santo Amaro previously built Uniplaces, which raised $30 million as a student housing platform in Europe.
Cameron Mclain, managing partner of Giant Ventures, commented: “What StudentFinance has built empowers any educational institution to offer ISAs as an alternative to upfront tuition or student loans, broadening access to education and opportunity.”
Duarte Mineiro, partner at Armilar Venture Partners, commented: “StudentFinance is a great opportunity to invest in because aside from its very compelling core purpose, this is a sound business where its economics are backed by a solid proprietary software technology.”
Sia Houchangnia, partner at Seedcamp, commented: “The need for reskilling the workforce has never been as acute as it is today and we believe StudentFinance has an important role to play in tackling this societal challenge.”
Angel backers include investors, which includes: Victoria van Lennep (founder of Lendable); Martin Villig (founder of Bolt); Ed Vaizey (the U.K.’s longest-serving Culture & Digital Economy Minister); Firestartr (U.K.-based early-stage VC); Serge Chiaramonte (U.K. fintech investor); and more.
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Roofr just nailed down a second seed round to make new roofing sales a cinch to close
Roofer Pro. Roof Snap. Acculynx. There’s suddenly no shortage of companies offering software to make easier the lives of roofers and their customers. Among these is Roofr, a five-year-old, San Francisco-based, 31-person sales platform for roofing contractors that just raised $4.25 million in post-seed funding led by Bullpen Capital, with participation from Avidbank and previous backer Crosslink Capital.
Co-founder and CEO Rich Nelson is aware of the competition. But as a third-generation roofer by trade, he also knows well that the industry is far from overcoming its reputation as rife with sketchy, flaky contractors whose customers often question whether they need a new roof or suspect the estimates they are given are wildly inflated.
He also knows — as do his investors — how big a market opportunity Roofr and its rivals are chasing. “It’s a massive, massive market,” says Nelson. “On average, every year, roughly five million buildings in the U.S. have their roof replaced,” and they spend $50 billion toward that end, he says.
Right now, Roofr is focused exclusively on helping close that initial sale. It all starts with a picture of a roof that Roofr obtains from partner companies like Nearmap, whose planes cover cities at low altitude to take high-definition pictures, including of roofs. Roofr software then allows these contractors to draw their own roof measurement reports through these drone, blueprint and satellite images and produce a report, or they can pay Roofr $10 per report to measure the roof for them.
Unsurprisingly, COVID-19 made the software more attractive to both roofing contractors and customers who weren’t keen on being in close proximity during the pandemic. Offerings like Roofr’s made it possible to quickly and easily send a potential customer a quote without visiting the job site. The bet now is that growing awareness over the product will continue to fuel that momentum.
The company also has new offerings in the pipeline that may make it more compelling to both roofers and their clients. In addition to quickly providing roofers with measurement data, for example, roofers can now pay a monthly fee to have Roofr auto-populate an estimate based on a specific materials list, as well as the profit margin the roofer wants to incorporate; it also now provides and preserves digital contracts.
As for its current customer base, Nelson says that it includes the largest roofing contractors in North America, but that Roofr is even more interested in small businesses, which, while fragmented, represent a much bigger opportunity. He says that there are more than 100,000 registered roofing businesses in the U.S., and that the vast majority are comprised of five employees or fewer. (Roofr also sells its software to independent insurance adjusters.)
The new round brings Roofr’s total funding to $8.25 million. Crosslink led its initial seed round in early 2019. Roofr also raised money from Y Combinator when it passed through the accelerator program in 2017.
Pictured above from left to right: Roofr co-founders Kevin Redman and Rich Nelson. Redman is the company’s CTO; Nelson is its CEO.
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Everything Google announced at I/O today
This year’s I/O event from Google was heavy on the “we’re building something cool” and light on the “here’s something you can use or buy tomorrow.” But there were also some interesting surprises from the semi-live event held in and around the company’s Mountain View campus. Read on for all the interesting bits.
Android 12 gets a fresh new look and some quality of life features
We’ve known Android 12 was on its way for months, but today was our first real look at the next big change for the world’s most popular operating system. A new look, called Material You (yes), focuses on users, apps, and things like time of day or weather to change the UI’s colors and other aspects dynamically. Some security features like new camera and microphone use indicators are coming, as well as some “private compute core” features that use AI processes on your phone to customize replies and notifications. There’s a beta out today for the adventurous!
Wow, Android powers 3 billion devices now
Subhed says it all (but read more here). Up from 2 billion in 2017.
Smart Canvas smushes Docs, productivity, and video calls together
Millions of people and businesses use Google’s suite of productivity and collaboration tools, but the company felt it would be better if they weren’t so isolated. Now with Smart Canvas you can have a video call as you work on a shared doc together and bring in information and content from your Drive and elsewhere. Looks complicated, but potentially convenient.
AI conversations get more conversational with LaMDA
It’s a little too easy to stump AIs if you go off script, asking something in a way that to you seems normal but to the language model is totally incomprehensible. Google’s LaMDA is a new natural language processing technique that makes conversations with AI models more resilient to unusual or unexpected queries, making it more like a real person and less like a voice interface for a search function. They demonstrated it by showing conversations with anthropomorphized versions of Pluto and a paper airplane. And yes, it was exactly as weird as it sounds.
Google built a futuristic 3D video calling booth
One of the most surprising things at the keynote had to be Project Starline, a high-tech 3D video call setup that uses Google’s previous research and Lytro DNA to show realistic 3D avatars of people on both sides of the system. It’s still experimental but looks very promising.
Wear OS gets a revamp and lots of health-focused apps
Image Credits: Google
Few people want to watch a movie on their smartwatch, but lots of people like to use it to track their steps, meditation, and other health-related practices. Wear OS is getting a bunch of Fitbit DNA infused, with integrated health tracking stuff and a lot of third party apps like Calm and Flo.
Samsung and Google announce a unified smartwatch platform
These two mobile giants have been fast friends in the phone world for years, but when it comes to wearables, they’ve remained rivals. In the face of Apple’s utter dominance in the smartwatch space, however, the two have put aside their differences and announced they’ll work on a “unified platform” so developers can make apps that work on both Tizen and Wear OS.
And they’re working together on foldables too
Apparently Google and Samsung realized that no one is going to buy foldable devices unless they do some really cool things, and that collaboration is the best way forward there. So the two companies will also be working together to improve how folding screens interact with Android.
Android TV hits 80 million devices and adds phone remote
Image Credits: Google
The smart TV space is a competitive one, and after a few starts Google has really made it happen with Android TV, which the company announced had reached 80 million monthly active devices — putting it, Roku, and Amazon (the latter two with around 50 million monthly active accounts) all in the same league. The company also showed off a powerful new phone-based remote app that will (among other things) make putting in passwords way better than using the d-pad on the clicker. Developers will be glad to hear there’s a new Google TV emulator and Firebase Test Lab will have Android TV support.
Your Android phone is now (also) your car key
Well, assuming you have a really new Android device with a UWB chip in it. Google is working with BMW first, and other automakers soon most likely, to make a new method for unlocking the car when you get near it, or exchanging basic commands without the use of a fob or Bluetooth. Why not Bluetooth you ask? Well, Bluetooth is old. UWB is new.
Vertex collects machine learning development tools in one place
Google and its sibling companies are both leaders in AI research and popular platforms for others to do their own AI work. But its machine learning development tools have been a bit scattershot — useful but disconnected. Vertex is a new development platform for enterprise AI that puts many of these tools in one place and integrates closely with optional services and standards.
There’s a new generation of Google’s custom AI chips
Google does a lot of machine learning stuff. Like, a LOT a lot. So they are constantly working to make better, more efficient computing hardware to handle the massive processing load these AI systems create. TPUv4 is the latest, twice as fast as the old ones, and will soon be packaged into 4,096-strong pods. Why 4,096 and not an even 4,000? The same reason any other number exists in computing: powers of 2.
And they’re powering some new Photos features including one that’s horrifying
NO THANK YOU
Google Photos is a great service, and the company is trying to leverage the huge library of shots most users have to find patterns like “selfies with the family on the couch” and “traveling with my lucky hat” as fun ways to dive back into the archives. Great! But they’re also taking two photos taken a second apart and having an AI hallucinate what comes between them, leading to a truly weird looking form of motion that shoots deep, deep into the uncanny valley, from which hopefully it shall never emerge.
Forget your password? Googlebot to the rescue
Google’s “AI makes a hair appointment for you” service Duplex didn’t exactly set the world on fire, but the company has found a new way to apply it. If you forget your password, Duplex will automatically fill in your old password, pick a new one and let you copy it before submitting it to the site, all by interacting with the website’s normal reset interface. It’s only going to work on Twitter and a handful of other sites via Chrome for now, but hey, if it happens to you a lot, maybe it’ll save you some trouble.
Enter the Shopping Graph
Image Credits: Google I/O 2021
The aged among our readers may remember Froogle, Google’s ill-fated shopping interface. Well, it’s back… kind of. The plan is to include lots of product information, from price to star rating, availability and other info, right in the Google interface when you search for something. It sucks up this information from retail sites, including whether you have something in your cart there. How all this benefits anyone more than Google is hard to imagine, but naturally they’re positioning it as wins all around. Especially for new partner Shopify. (Me, I use DuckDuckGo.)
Flutter cross-platform devkit gets an update
A lot of developers have embraced Google’s Flutter cross-platform UI toolkit. The latest version, announced today, adds some safety settings, performance improvements, and workflow updates. There’s lots more coming, too.
Firebase gets an update too
Popular developer platform Firebase got a bunch of new and updated features as well. Remote Config gets a nice update allowing developers to customize the app experience to individual user types, and App Check provides a basic level of security against external threats. There’s plenty here for devs to chew on.
The next version of Android Studio is Arctic Fox
Image Credits: Google
The beta for the next version of Google’s Android Studio environment is coming soon, and it’s called Arctic Fox. It’s got a brand new UI building toolkit called Jetpack Compose, and a bunch of accessibility testing built in to help developers make their apps more accessible to people with disabilities. Connecting to devices to test on them should be way easier now too. Oh, and there’s going to be a version of Android Studio for Apple Silicon.
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WalkMe is going public: Let’s stroll through its numbers
Hot off the heels of our look into Marqeta’s IPO filing and dives into SPACs for Bright Machines and Bird, we’re parsing the WalkMe IPO filing. Later this week, Squarespace will direct list and we’ll see IPOs from Oatly and Procore. It’s a super busy time for public debuts of all sorts.
Given how hectic the IPO market is, we’re going to skip our usual throat clearing and dig into WalkMe’s IPO document. As always, we’ll start with a brief overview of its product and then move into discussing its financial performance.
Image Credits: Alex Wilhelm
WalkMe is the second Israel-based technology company to file to go public this week: No-code startup Monday.com is also pursuing an American IPO.
Alright! Into the breach.
What does WalkMe do?
WalkMe’s software provides visual overlays on websites that help users navigate the product in question. I base that explanation on my time at Crunchbase, which was a customer during at least part of my time there. WalkMe is popular with marketing teams who want to introduce users to a new or refreshed experience.
Per the company’s F-1 filing, other elements of its service that matter include its onboarding system and what WalkMe calls Workstation, or its “single interface to the applications within an enterprise and simplifies task completion through a natural language conversational interface and automation.” We’re including that last feature because it says “automation,” which, in the wake of the UiPath IPO, is a word worth watching. Investors are.
At a high level, WalkMe is a SaaS business, which means that when we digest its results we are digging into a modern software company. Let’s do just that.
WalkMe’s numbers
From 2019 to 2020, WalkMe grew its revenues from $105.1 million to $148.3 million, a gain of 41%. In its most recent quarter, the company’s growth rate slowed: From Q1 2020 to Q1 2021, WalkMe’s top line grew 25% from $34.2 million to $42.7 million.
In SaaS terms, WalkMe calculates that its annual recurring revenue, or ARR, grew from $131.2 million at the end of 2019 to $164.3 million in 2020. In more granular terms, the company’s ARR grew from $137.8 million to $177.5 million in the first quarters of 2020, and 2021, respectively.
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Google Cloud launches Vertex AI, a new managed machine learning platform
At Google I/O today Google Cloud announced Vertex AI, a new managed machine learning platform that is meant to make it easier for developers to deploy and maintain their AI models. It’s a bit of an odd announcement at I/O, which tends to focus on mobile and web developers and doesn’t traditionally feature a lot of Google Cloud news, but the fact that Google decided to announce Vertex today goes to show how important it thinks this new service is for a wide range of developers.
The launch of Vertex is the result of quite a bit of introspection by the Google Cloud team. “Machine learning in the enterprise is in crisis, in my view,” Craig Wiley, the director of product management for Google Cloud’s AI Platform, told me. “As someone who has worked in that space for a number of years, if you look at the Harvard Business Review or analyst reviews, or what have you — every single one of them comes out saying that the vast majority of companies are either investing or are interested in investing in machine learning and are not getting value from it. That has to change. It has to change.”
Image Credits: Google
Wiley, who was also the general manager of AWS’s SageMaker AI service from 2016 to 2018 before coming to Google in 2019, noted that Google and others who were able to make machine learning work for themselves saw how it can have a transformational impact, but he also noted that the way the big clouds started offering these services was by launching dozens of services, “many of which were dead ends,” according to him (including some of Google’s own). “Ultimately, our goal with Vertex is to reduce the time to ROI for these enterprises, to make sure that they can not just build a model but get real value from the models they’re building.”
Vertex then is meant to be a very flexible platform that allows developers and data scientist across skill levels to quickly train models. Google says it takes about 80% fewer lines of code to train a model versus some of its competitors, for example, and then help them manage the entire lifecycle of these models.
Image Credits: Google
The service is also integrated with Vizier, Google’s AI optimizer that can automatically tune hyperparameters in machine learning models. This greatly reduces the time it takes to tune a model and allows engineers to run more experiments and do so faster.
Vertex also offers a “Feature Store” that helps its users serve, share and reuse the machine learning features and Vertex Experiments to help them accelerate the deployment of their models into producing with faster model selection.
Deployment is backed by a continuous monitoring service and Vertex Pipelines, a rebrand of Google Cloud’s AI Platform Pipelines that helps teams manage the workflows involved in preparing and analyzing data for the models, train them, evaluate them and deploy them to production.
To give a wide variety of developers the right entry points, the service provides three interfaces: a drag-and-drop tool, notebooks for advanced users and — and this may be a bit of a surprise — BigQuery ML, Google’s tool for using standard SQL queries to create and execute machine learning models in its BigQuery data warehouse.
“We had two guiding lights while building Vertex AI: get data scientists and engineers out of the orchestration weeds, and create an industry-wide shift that would make everyone get serious about moving AI out of pilot purgatory and into full-scale production,” said Andrew Moore, vice president and general manager of Cloud AI and Industry Solutions at Google Cloud. “We are very proud of what we came up with in this platform, as it enables serious deployments for a new generation of AI that will empower data scientists and engineers to do fulfilling and creative work.”
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May Mobility’s Edwin Olson and Nina Grooms Lee and Toyota AI Ventures’ Jim Adler on validating your startup idea
When a founder has a work history that includes the name of the parent company of one of their key investors, you probably assume that was one of the first deals to come together. Not so with May Mobility and Toyota AI Ventures, which connected for the company’s second seed round, after May went out and raised its original seed purely on the strength of its own ideas and proposed solutions.
That’s one of the many interesting things we learned from speaking to May Mobility co-founder and CEO Edwin Olson, as well as Chief Product Officer Nina Grooms Lee and Toyota AI Ventures founding partner Jim Adler on an episode of Extra Crunch Live.
Extra Crunch Live goes down every Wednesday at 3 p.m. EDT/noon PDT. Our next episode is with Sequoia’s Shaun Maguire and Vise’s Samir Vasavada, and you can check out the upcoming schedule right here.
Meanwhile, read on for highlights from our chat with Olson, Grooms Lee and Adler, and then stay tuned at the end for a recording of the full session, including our live pitch-off.
A different approach to corporate VC
One thing Adler brought up early in the chat is that Toyota AI Ventures likely takes a different approach than most traditional corporate VCs, which are often thought of as being more incentivized by strategic alignment than by venture-scale returns. Adler says the firm he founded within the automaker’s corporate umbrella actually does behave much more like a traditional VC in some ways than many would assume.
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Beta Technologies adds $368 million in Series A funding for its electric aviation ecosystem
Electric aviation startup Beta Technologies closed a $368 million Series A funding round on Tuesday, with investments from Amazon’s Climate Pledge Fund. The new capital is the second round of funding announced by the company this year, after the company raised $143 million in private capital in March.
The funding round was led by Fidelity Management & Research Company, with undisclosed additions from Amazon’s Climate Pledge Fund, a $2 billion fund established in September 2019 to advance the development of sustainable technologies. The Climate Pledge fund has also made contributions toward electric vehicle manufacturer Rivian, battery recycler Redwood Materials and ZeroAvia, a hydrogen fuel cell aviation company.
The company’s valuation is now at $1.4 billion, CNBC reported, putting it in a small circle of electric vertical take-off and landing (eVTOL) companies to have achieved valuations at over a billion dollars.
Unlike developers Joby Aviation and Archer Aviation, which have each also achieved valuations over the billion-dollar mark, Beta is not primarily focused on air taxis. Instead, it’s been targeting defense applications, cargo delivery and medical logistics, as well as building out its network of rapid-charging systems in the northeast U.S. Its debut aircraft, the ALIA-250c, was built to serve these various solutions by being capable of carrying six people or a pilot and 1,500 pounds.
The Vermont-based startup has already scored major partnerships in all of these industries, including with United Therapeutics to transport synthetic organs for human transplant; UPS, which purchased 10 ALIA aircraft with the option of buying 140 more; and the U.S. Air Force.
The company has not entirely ignored passenger transportation, however, announcing last month a partnership with Blade Urban Air Mobility for five aircraft to be delivered in 2024.
Beta was the first company to be awarded airworthiness approval from the U.S. Air Force. The company expects to sign a contract in June with the Air Force to allow access to Beta’s aircraft and flight simulators in Washington, D.C. and Springfield, Ohio. However, it still must achieve certification with the Federal Aviation Administration.
The funds will be used to refine the ALIA’s electric propulsion system and controls, as well as to build out manufacturing space, including expanding its footprint in Vermont on land at the Burlington International Airport, the company said in a news release Tuesday.
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Commission-free trading app Stake secures $30M from Tiger Global to expand into Europe
Commission-free trading app Stake, which is available in the U.K., Brazil and New Zealand, has raised $30 million from Tiger Global and partners of London-based DST Global to expand into Europe.
Matt Leibowitz, founder and CEO of Stake said: “We’re really excited to get to this point but it’s just the start. We set out to change the game for retail investors and were self-funded for the first four years of our journey. We’ve proven the model and now have the chance to expand our product and bring our zero-brokerage service to more retail investors.”
Since launching in the U.K. in early 2020, Stake claims to have grown its total customer base more than six times over, with 25% month-on-month customer growth on average and hitting over 330,000 customers globally.
It was the first to offer commission-free access to the U.S. market in Australia, offering retail investors access to over 4,400 U.S. stocks & ETFs without a brokerage fee.
In the U.K. it competes with eToro, Libertex, Fineco, Plus500 and IG, among others.
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