Boston-based online trading and social investing innovator Currensee announced raising an additional $4 million in venture capital financing this morning. This Series C round comes from North Bridge Venture Partneres, Egan-Managed Capital, and Vernon & Park Capital and brings the company’s total capital raised to $16.8 million.
The last time the company raised was in February 2010, when $8 million was injected to build the Trade Leaders Investment Program portion of their platform. This program, launched in October, allows people like me to rely on the most successful traders in Currensee’s community to place my money in the most lucrative of places in foreign exchange currency trading. All I need to do is pay these savvy investors a nominal fraction of any profits made, and I can ride their profit bandwagon.
The company reports the program has been a great success, with more than $3 billion in volume having been traded to date. More than 1,000 professional and independent expert traders have applied to be a coveted Trade Leader, and the best are featured front and center on a leaderboard on Currensee.
“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.”
The latest round of capital will help Currensee develop more tools for the investors in its community as well as make the interface more simple. On top of this, funding will be used to bolster the company’s trading technology (technology which automatically places trades for people like me based on Trade Leader activity), expand its data center, and build its team internationally in the UK, Europe and Asia.
“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.”
Congrats to the team at Currensee on the latest round and plans for expansion!
