CreditTrade raises $8 million funding
22 August 2002 | 2746 views | 0
CreditTrade, a provider of transaction, data and information services to the credit markets, has closed a third round of investment raising over $8 million.
This latest round was led by European venture capitalist Favonius Ventures and existing investor Internet Capital Group (ICG) and also included Richard Fisher, Chairman Emeritus of Morgan Stanley.
CreditTrade says it will use the new funds to broaden its product portfolio, which currently includes credit derivatives, structured products and loans. In addition, the firm says it will continue to invest capital in its data business, building on its existing data services: CreditTrade Market Prices and Benchmarks with a number of new data products in the pipeline.
Following the transaction, Matthias Allgaier, managing director of Favonius Ventures, will be joining the board of CreditTrade.
He says: "CreditTrade has rapidly established itself as a leading player in the burgeoning credit derivatives market...We firmly believe that over the coming years CreditTrade will grow to be the key player in this market."
Institutional investors in the Favonius fund include ABN Amro, ING, and California State pension fund Calpers.