Social forex site Currensee got new funding from investors. These funds will fuel expansion into the UK, Europe and Asia, development of the platform and the Trade Leaders program in which you can follow and mimic real trades of successful traders.
Raising money for start ups isn’t so common since the breakout of the financial crisis. It’s quite impressive that Currensee managed to get new funding at these times. It seems that investors believe in the transparent platform and the opportunities on the road ahead. The investors are Northbridge Venture Partners and Egan Managed Capital.
Also Currensee’s supported brokers list is expanding: CMS Forex have hopped on the wagon, and more are on the way. As I’ve mentioned before on the PT Multistation review, connecting to forex social networks is a good sign for a broker. Going social and transparent means for me that a broker is more reliable.
I hope that more brokers will connect with Currensee and other social platforms. It will sure benefit these brokers.
For more on Currensee’s funding, here’s the official press release:
Currensee Raises $8M in Series B Financing
Fuels international expansion, advanced social analytics and Trade Leader program
Boston, MA – February 23, 2010 – Currensee Inc., the first Forex trading social network that connects traders from around the world based on real-time trades, today announced that it has secured $8 million in Series B financing for total funding of $12 million. Led by Northbridge Venture Partners, the round includes new investor, Egan Managed Capital. Travis D. Connors, partner at Egan, will join the Currensee Board of Directors.
“Currensee is one of the most disruptive companies we’ve seen in the financial services sector,” said Jim Moran, General Partner at Northbridge Venture Partners. “In a space that has been viewed as the Wild West for investors, the Currensee team has made tremendous progress – bringing transparency, collaboration and innovation to the Forex industry for the first time. As we look ahead, we’re excited to welcome Egan Managed Capital as we work together to support the shake-up Currensee is creating in the world of Forex.”
Currensee brings trust and transparency to Forex trading by enabling members of its trader network to see each other’s actual trades and positions, trading strategies and performance to make more informed trade decisions. Currensee traders from over 70 different countries have become members of the trading social network and linked their live brokerage accounts with one of the 100+ brokers supported by the platform. The company recently announced the launch of the Currensee Marketplace, full MT4 support, the innovative new Tweet My Trades™ feature and a unique partnership with Thomson Reuters IFR Markets.
“The Forex market is ready for change and we are now in an even better place to accelerate our international expansion and product development to bring that change to the market,” said Dave Lemont, CEO Currensee. “We continue to bring trust and transparency to Forex traders around the world and we’ve already seen broad traction from the traders who have joined our trading social network over the past year. We are ready to advance the platform, take the trader network to the next level and become the primary destination for Forex traders.”
With the financing, Currensee will accelerate expansion in the UK, Europe, and Asia, where Forex trading continues to grow at a rapid pace. The financing will also fuel development of Currensee Market Watch™, the first real-time social sentiment indicator that shows what traders are doing based on actual trades, and will include advanced data options, such as real-time market depth, and new customization features. In addition, the funding will drive the Currensee Trade Leaders ™ program, the first Forex social trade automation service that allows traders to follow the most successful Trade Leaders in the Currensee platform and create their own Forex investment portfolios.
“We are impressed with the differentiation Currensee has demonstrated in the Forex marketplace,” said Connors. “The innovation around Trade Leaders, auto execution, transparency and the social trade collaboration are what make Currensee unique. We’re excited to invest in the team, the product and the opportunity to create a winning position in the financial services and Forex industry.”
About Currensee
Currensee brings trust and transparency to retail Forex trading. The Currensee trading social network connects retail Forex traders from around the world so they can see each other’s actual trades and share trading strategies in real-time to make more informed trade decisions. Currensee traders from over 70 countries have become members of the trading social network and linked their live brokerage accounts with one of the 100+ brokers supported by the platform. The unique Currensee Market Watch Social Indicators™ aggregate the wisdom of the network and deliver social trade data and a new way to look at the market. Currensee is funded by North Bridge Venture Partners and Egan Managed Capital and is a member of the National Futures Association. For more information, visit us at www.currensee.com. Follow us on Facebook (www.facebook.com/currensee) and Twitter (www.twitter.com/currensee).
About Northbridge Venture Partners
North Bridge Venture Partners is an active, bi-coastal, early-stage venture capital firm based in Boston, Massachusetts and San Mateo, California. Established in 1994, North Bridge provides seed-to-growth financing and company-building expertise. Together with North Bridge Growth Equity, our mid-market focused growth capital fund, North Bridge manages over $3 billion. For North Bridge Venture Partners, success is derived through a partnership with entrepreneurs that produce industry-leading companies in large emerging markets. Historically, the firm’s partners have played a significant role in organizing, starting and building successful companies. Working in concert with entrepreneurs, North Bridge adds value by providing strategic guidance, sharing operating experience, industry specific knowledge, team-building skills and an in-depth understanding of both private and public financings. North Bridge’s sector focus includes Software, Communications, Healthcare Technology, Digital Media, and Materials. For more information about North Bridge go to www.northbridge.com.
About Egan Managed Capital
Egan-Managed Capital is a New England focused venture capital firm that provides funding for early-stage high-technology start-ups. Egan-Managed Capital delivers field-tested strategies, first-hand technology expertise and hands-on management involvement. Some of the region’s most promising start-ups have been funded by the firm, including Pyxis Mobile, OnePIN, OwnerIQ and uTest. Founded in 1997, the firm currently manages funds with $233 million in committed capital. For more information on Egan-Managed Capital and its team please visit www.egancapital.com.
Disclosure: I’m affiliated with PT Multistation review.