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StockTwits raises $3m

02 December 2009  |  7150 views  |  0 US note back

StockTwits, a social microblogging site which picks up tweets from traders, has closed a $3 million series b financing round led by Foundry Group and existing investors True Ventures and Brad Feld.

The service takes financial related data on Twitter, picking up all tweets containing $$ and share symbols using the $ tag, and structures it by stock, user and reputation. Launched around a year ago, by September it had signed up over 90,000 users.

Users log into the site with their Twitter details or download the StockTwits Desktop to join the community, where market participants share ideas in a "continuous real time and open conversation".

Participants can add a set of specific stocks, save them to a portfolio, watch the whole stream or create filters.

Recently, the company has also introduced StockTwits TV, providing video commentary from traders and investors in real time and says it is planning a BlackBerry app for later this month.

Seth Levine from Foundry, who is joining the StockTwits board, says: "For us, StockTwits represents a unique opportunity to leverage the increasingly active conversation taking place on (and off) the Twitter platform around stocks and markets."

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