Huddlestock, the patented crowd-trading platform that gives users “super-powers” and lets them tap into investment ideas and strategies usually only available to professional investment managers, has closed a groundbreaking seed round, raising over $1.5 million.
The funding is performance based, where investors commit half of the funds now, and the rest within 10 months, given that a target share price is met.
The funding round is historic for a Norwegian Fintech company at such an early stage, giving Huddlestock a valuation of over $13 million, a record for a company that is currently in beta, and has not yet fully launched. Originally from Stavanger, Norway’s oil capital, they are now based in Oslo with a subsidiary in the UK. Huddlestock has attracted funding from numerous Norwegian family offices and private investors.
As a member of Innovate Finance, and Level39, Huddlestock is part of the new generation of Fintech companies aiming to challenge the status quo in the financial markets. The company, established by a team of hedge fund professionals, technologists and entrepreneurs, is aiming to democratise the investment industry, and open it up to more people allowing them to invest in the financial markets and reap the same benefits that hedge funds and other investment professionals have done for decades.
Huddlestock has been approached by several large international investors, but has decided to remain loyal to its current investor-base, aiming to go live as soon as possible. Huddlestock will go live in the United Kingdom first, before rolling out to the rest of the world. It has chosen to take a highly collaborative approach, providing a venue for other fintech businesses like robo-advisors and systems based on pattern recognition or artificial intelligence, as well as, established players in the industry to benefit from cutting-edge technological developments.
Murshid M. Ali, CEO of Huddlestock, said: “The past few months have been exciting for us. We have been signing agreements with great partners, and aim to collaborate with banks in several markets. They understand our value proposition, and are interested in working with us in offering their customers our platform. We are building a hub where companies that provide genuine value to our users can benefit by working with us.”