New York City-based fintech startup DASTA Incorporated, operating under the brand name “dub,” an innovative copy-trading platform, has raised $17 million in seed funding, with notable endorsements from Uber’s CEO Dara Khosrowshahi and Robinhood’s Co-founder Nathan Rodland, along with $2 million venture debt facility from Silicon Valley Bank (SVB).
The seed round, which also saw participation from Apex Fintech Solutions CEO Bill Capuzzi, former Federal Reserve Board Vice Chair Roger Ferguson, Jr., and OneRepublic’s frontman Ryan Tedder, aims to fuel dub’s expansion initiatives and further enhance its platform development.
Dub’s innovative platform empowers everyday investors to mirror the portfolios of emerging investment managers, hedge funds, or even elected officials with a simple tap. According to its CEO Steven Wang, “A decade from now, instead of picking stocks, we’ll be picking people to invest in,” and this is something that dub is capitalizing upon.
The affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA facilitates this copy-trading approach, aligning with the evolving preferences of today’s investors.
The 22-year-old founder and CEO said, “It’s already how my generation is investing, with the rise of social media and commission-free investing. Humans are narrative- and fear-driven creatures. Digitally-native creators have mastered the art of storytelling and are building fervent communities that leverage social accreditation to guide their investment decisions. With dub, we’re building the creator economy for finance.”
Influential Backing
Uber CEO Dara Khosrowshahi and Robinhood Co-founder Nathan Rodland join various notable investors endorsing dub’s vision. The funding round also includes a substantial $2 million venture debt facility from Silicon Valley Bank (SVB), a division of First Citizens Bank, underlining the confidence in dub’s potential.
Dub effectively brings the dynamics of the social-media-driven creator economy to the investment realm. Its user-friendly app enables individuals to access diverse investment minds and bespoke strategies. Users can effortlessly replicate portfolios, akin to buying a single stock, while offering their portfolios for replication.
“dub’s copy-trading platform opens a new frontier in retail investing. As the first broker-dealer to offer copy-trading, they are in a position to offer a truly unique product to investors,” said Robinhood co-founder Nathan Rodland.
Strategic Leadership
Founded by Steven Wang, a seasoned entrepreneur who left high school at 17 to establish and subsequently sell a VR company, dub boasts a veteran executive team with backgrounds from esteemed companies like Affirm, Millennium, Goldman Sachs, Meta, and iCapital.
Wang’s journey, from investing as a second-grader with a $200 loan from immigrant parents to dropping out of Harvard to pursue dub full-time, reflects the transformative potential he envisions for the platform.
Dub operates under DASTA Investment LLC (“DASTA Investments”), a registered investment adviser with the Securities and Exchange Commission. This regulatory adherence ensures transparency and security for users engaging in copy-trading.
The secured funding positions dub strategically for future endeavors, emphasizing operational expansion and continued development efforts. Dub’s launch offerings include proprietary investment strategies crafted by former hedge fund managers from prestigious firms like Millennium, providing users with diverse options.
“Steven and the dub team have created a platform where financial creators can share their ideas, demonstrate their investment strategies, and provide retail investors with the information they need to take more agency over their investment decisions,” said Jordan Nof, co-founder and managing partner at Tusk Venture Partners.
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