Stockal, a New York-based global investment platform, has reportedly raised USD 3 million in a pre-Series A funding round which was led by Aroa Ventures, an investment initiative founded by Ritesh Agarwal, the founder, and CEO of OYO Hotels & Homes.
Other prominent venture capital firms such as Credence Family Office, Trackxn Labs, Cadenza Capital Management, July Ventures, and Kristal.AI had also participated in Stockal’s funding round. The startup will use these funds in expanding its service offerings including the recently launched Stacks portfolio management platform, sources claimed.
For the record, Stacks provides users with a wide range of customized investment opportunities created by leading wealth and asset management companies like GlobalX Funds. The platform basically provides retail investors with access to the complete range of high-caliber companies, funds, and other assets seamlessly as well as affordably, further allowing them to invest fractionally.
Stockal also intends to use fresh investments to accelerate its growth in new regional markets, starting from Indonesia in Southeast Asia then moving to the Middle East and North Africa.
Co-founder and Co-CEO of Stockal Vinay Bharadwaj reportedly said that the company is looking forward to offering diversified and unique asset classes to its customers and expanding to various new capital markets using the newly acquired funds.
He further added that while Stockal currently manages USD 100 million, they aim to capture a market worth USD 800 million.
Sitashwa Srivastava, Co-founder, and Co-CEO of Stockal mentioned that the company was founded to enable investors to participate in the best capital markets worldwide with easy access from anywhere across the globe.
The fresh investments have brought the total investment in Stockal to USD 5 million since its inception in January last year, sources confirmed.