Currensee raises $4m in series C financing
14 April 2011 | 2151 views | 0
Currensee, the alternative investment service that gives investors unique access to the world currency markets, today announced that it has secured an additional $4 million as Series C financing from North Bridge Venture Partners, Egan-Managed Capital and Vernon & Park Capital. The C round money brings the Currensee total financing to date to $16.8 million.
"Currensee continues to fundamentally change foreign exchange investing, and its approach has been validated by the market with an incredible year of growth," said Jim Moran, partner at North Bridge Venture Partners. "Currensee has not only brought transparency to Forex trading, but has also opened up the world's currency markets to the rapidly growing population of retail investors."
The past year was marked with the October 2010 launch of the Currensee Trade Leaders™ Investment Program, a service that lets retail investors automatically replicate the trades of some of the most successful traders in the world, called Currensee Trade Leaders. Since the launch, more than $3 billion in volume has been traded through the program. The company has also received more than 1,000 applications from professional and independent expert traders, vying for a coveted place on the Currensee Trade Leader Leaderboard, which showcases each Trade Leader's performance, risk, return data and investor count. Currensee has also expanded operations into the United Kingdom and created partnerships with European investment banks and brokers.
The latest round of funding will be used to develop new decision-making, collaboration and portfolio management tools for investors to make currency investing even simpler and more transparent. It will also be used to fortify the Currensee technology infrastructure including data center expansion and enhancements to the Currensee Intelligent Trade Replication Technology™, a sophisticated trade automation engine that precisely manages the timing and round-turn execution of trades. The funds will also drive further international development, including the expansion of the Currensee sales teams in the United Kingdom and Europe, as well as new global partnership deals in Asia and Europe.
"Our customers come to us and invest in Trade Leaders mainly because of the lackluster returns and lack of transparency that come with traditional investments," said Dave Lemont, CEO of Currensee. "We are bringing the world currency markets to every investor looking to move beyond the stock market, while creating a viable alternative asset class for the market as a whole. This new funding will help us expand our distribution globally so that investors and professional money managers can benefit from the fast growing foreign exchange market."