Dubai-based fintech startup InvestSky raises $3.4mn in pre-seed funding

By Shilpa Annie Joseph, Official Reporter
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InvestSky raises fund
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Dubai-based InvestSky, a social investing platform for a new generation of retail investors across GCC, has raised $3.4 million in a pre-seed funding round led by Emkan Capital.

The other investors include S3 Ventures, the Al-Romaizan Family office, Mishal Al-Mishari, the Deputy CEO of Jahez, and notable angel investors.

InvestSky said in a statement that it is launching a social investing commission-free platform tailored for a new generation of investors in the GCC with the aim of making investing inclusive, intuitive, and informed.

The platform allows users to buy fractional stocks starting from $1 (3.67 AED) and provides a social community for users to collaborate.

Further, it will provide market intelligence data which will further empower investors to make more informed decisions aligned with their investment principles whether they are shariah-compliance or focused on positive social and environmental impacts.

As per the statement, the startup received a category 4 license with retail endorsement from Dubai Financial Services Authority (DFSA), the Independent regulator of financial services conducted in or from DIFC.

Mr. Nitish Mittal, CEO of InvestSky, commented that, “We founded InvestSky on the recognition that retail investors are a hugely influential group across the middle east, yet the offering for them is clearly lagging behind. The region has not scratched the surface when it comes to the engagement and education of retail investors, especially considering the significant purchasing power, high GDP per capita, and beneficial demographics.”

“We intend to offer an empowering platform that helps educate our users to make sound investment decisions; powered by socially connected tools that will help build a collaborative community in the region,” Mr. Mittal added.

Mr. Ghassan Aloshban, General Partner at Emkan, noted that, “We are very proud to add InvestSky to our portfolio of companies; not only are Turki and Nitish exceptional entrepreneurs but they have built a world-class product that could easily compete with the best trading platforms globally. This coupled with an addressable market of roughly $1.2 trillion in retail investment flows in MENA and roughly 8 million retail investors in the GCC alone make for an incredibly exciting opportunity to capture market share with social trading.”

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