Investment App Syfe Raises $30 Million In Series B Funding Led By Valar Ventures
- ByAyushi Ray | July 14, 2021
Singapore based Investment app Syfe raises $30 million in Series B funding led by Valar Ventures, only 9 months after its Series A funding. returning investors Presight Capital and Unbound participated, as well in this round. This brings Syfe’s total funding raised to $52.4 million since its foundation in 2019. The startup did not disclose its post-funding market valuation, but founder and chief executive officer Dhruv Arora in a recent statement stated that the funding increased 3.6 times from its Series A. The company also did not disclose the total number of users, but said that assets under management have grown four times since January, due to large number of user referrals and the launch of new products like Syfe Cash+ and Core portfolios.
“To be honest, we weren’t really looking to raise a Series B,” Arora told TechCrunch. “We saw some of the positive outcomes of resources from our Series A. We really scaled up the team and started launching new products and options for our users.” Syfe probably could have waited another six months to a year to raise a new round, he added, but its investors approached the startup again and offered good terms for another round. About 50% to 70% of new users each month come through recommendations from existing customers, which keeps Syfe’s acquisition costs extremely low, Arora says. Since the beginning of this year, Syfe’s working team in Singapore has doubled by about 100 people, which allows the startup to explore different kinds of distribution strategies and partnerships. The app currently has users in 42 countries, but only actively markets in Singapore
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