Israeli social stock brokerage startup Stox, raised an $8 million Series A funding round led by Singulariteam, a global Super Angel fund helmed by the entrepreneur Moshe Hogeg.
Stox was co-founded by Roy Shaham and Or Arbel in 2013. The site is still in Beta mode and plans to launch in Europe within the next couple of weeks, expanding to the US market later in the year. The company is regulated by the Cyprus Securities and Exchange Commission, with its R&D center in Israel.
“Our goal is to open up the Stock Exchange to as many people as possible,” said CEO and co-founder of Stox, Roy Shaham. “By simplifying the process of online trading and by allowing users to see the actions of other investors, we can help people who, till now, have not felt confident investing in stocks. Stox actively stimulates their interest and empowers them to take control over their future finances.”
Stox’s co-founder Or Arbel is also the co-founder and CEO of single-word messaging app ‘Yo’, which flew off the download charts last year and was valued at a reported $10 million. According to Business Insider, Stox wants to use slick design and social functions to get the Facebook-generation interested in stocks and Arbel helped build its platform. Arbel told BI: “I left Stox, the serious and seriously amazing social stock trading platform, to focus on Yo, a crazy side project that went viral. But I’m still a board member and a shareholder at Stox.”
Singulariteam focuses on identifying startups with major disruptive potential and includes innovative startups like Mobli, Storedot, YO and Webydo. “We are always looking for companies that turn traditional sectors on their heads, and Stox has the potential to make online trading effective, accessible and fair without forcing users to sacrifice the quality or legitimacy of the trading environment,” said Moshe Hogeg. “The ability to emphasize accessibility while still delivering a premium offering is what sets Stox apart and the addition of key social functionalities offers a new experience for more seasoned traders to improve their interaction. Whenever you can both widen access to new audiences and bolster the experience for those who are already using similar products, the potential is enormous.”
Stox’s trading environment is a sharp departure from a typical online stock brokerage. Designed with the investor’s needs at the forefront of every stage of production, the user-friendly trading platform transforms stock trading with unique and seamless social features that show which stocks are being traded and how other investors are performing. Users will benefit from being able to follow other investors on the platform and even copy them trade for trade. The combination of a full-service online brokerage with key social functionality and a highly focused and tailored user interface is a key element of Stox’s aim to create a service that makes stock trading accessible to all, while also providing the tools and confidence necessary to make decisions.