Social trading network eToro secures $27 million funding round

Social trading network eToro secures $27 million funding round

Social investment network eToro has secured $27 million in new financing from venture capital funds associated with two of the world's largest financial services organisations, China's Ping An Insurance and Sberbank of Russia.

The eToro network, which claims four million registered users in more than 140 countries, enables participants to see, follow and automatically copy the actions of other investors in real time.

"We're very excited to have two of the largest financial institutions in the world join our company as partners," says Yoni Assia, CEO and co-founder of eToro. "We look forward to leveraging their deep industry knowledge and expertise with our disruptive vision and product."

The company says it will use the funding and support of its new investment partners to expand into China and Russia as well as fast-track the roll out of new products.

"eToro has become synonymous with financial innovation among members of Gen Y all over the world," says Mircea Mihaescu, managing partner of SBT Venture Capital. "Social Investment is changing the way people trade and invest as part of a revolution started by eToro and we are thrilled to partner with such a successful and promising company."

EToro's current investors, Spark Capital and BRM Group, also participated in the round - while Silicon Valley Bank has provided a credit facility.

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