Forex company Currensee has raised $4 million in a third round of financing from North Bridge Venture Partners, Egan-Managed Capital, and Vernon & Park Capital. This brings the total funds that Currensee has raised to date to $16.8 million.
Currensee was founded in 2008 by Asaf Yigal and Avi Levental. The company has developed an alternative investment service that gives investors unique access to the world currency markets.
North Bridge Venture Partners partner Jim Moran said, "Currensee continues to fundamentally change foreign exchange investing, and its approach has been validated by the market with an incredible year of growth. 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."
In October 2010, Currensee launched its Trade Leaders Investment Program, a service that enables retail investors to 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 UK and created partnerships with European investment banks and brokers.
The company said that 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. The funds will also be used to strengthen Currensee's technology infrastructure including data center expansion and enhancements to the Currensee Intelligent Trade Replication Technology, a trade automation engine that precisely manages the timing and execution of trades. The funds will also drive further international development, including the expansion of Currensee's sales teams in the UK and Europe, and partnership deals in Asia and Europe.
Currensee CEO Dave Lemont said, "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. 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."
Published by Globes, Israel business news - www.globes-online.com - on April 20, 2011
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