Prytek, a Singapore-based venture capital, has invested an additional $12 million in TipRanks Ltd., an Israeli trade analysis startup, by purchasing shares from its existing investors, founders, and even employees.
This came as an extension of the venture capital’s holding on the startup as it already invested $3 million in the startup in 2018, now taking the total stock purchases to $15 million. Other notable investors in the Israeli startup include Elliot Spitzer, the former District Attorney for the State of New York.
The startup was founded in 2012 by Uri Gruenbaum, and Gilad Gat, the CEO, and CTO, respectively, and it is offering rankings and analysis on capital market products based on textual information published on news sites, analyst reviews, and corporate reports.
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“I am confident that the involvement of Prytek will accelerate our growth in markets which are not our core markets. In the two years, we have worked together, TipRanks has leveraged Prytek’s distribution channels, which has led to long term agreements with leading financial institutions in Eastern Europe,” Gruenbaum commented on the investment.
Already On-Boarded Millions of Customers
According to the startup, it has 1.5 million users registered directly on its platform and over 20 million more benefiting from its services via banks around the world. Financial institution giants like Santander, TD Ameritrade, and Nasdaq Etrade are also receiving TipRank’s services.
“Yair Seroussi (Prytek’s chairman) was, in fact, the first person that opened the door for us to the world of banking and the world of B2B in general, before we met our focus was only the end customers,” Gruenbaum added.
“In 2013 Seroussi and the innovation team of Bank Hapoalim invited us to present them the service and after a while of studying our product and performing due diligence they decided to integrate us into the bank’s trading platform and later on they also decided to invest in us through Poalim Capital Markets.”