Currensee just announced the expansion of its round B, which was announced couple of months ago to $8.8 million from previously announced $8 million, and that a new investor joined the team. Company says that the funds will serve to accelerate global expansion and development of Market Watch and Trade Leaders program. But I think that most of the funds should be used to significantly expand the Trade Leaders program which should server as the real growth engine for the company. Geographical expansion in this internet era isn’t very important although for a company like Currensee it makes a lot of sense to have a fallback location outside the US in case the latest CFTC requirements are accepted.
Boston, MA – April 20, 2010 – Currensee Inc., the first Forex trading social network that connects traders from around the world based on real-time trades, today announced additional funding, bringing its total Series B financing to $8.8 Million. The new investment comes from Vernon & Park Capital L.P., a private equity firm specializing in the financial markets sector.
“We are excited to have Vernon & Park Capital as an investor,” said Dave Lemont CEO Currensee. “They have an impressive track record and are very experienced with financial market-related investments. Their involvement with Currensee will be important as we plan for growth in the Forex futures and options markets over time. We look forward to harnessing the power of their expertise and extensive network of significant industry partners as we grow the Currensee business.”
Currensee announced their Series B round in February, which was led by North Bridge Venture Partners and Egan Managed Capital. With the additional Series B financing from Vernon & Park Capital, 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.
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“Traders often seek help as they try to navigate the markets. Currensee has developed a novel way for traders to develop their skills through online collaboration with other traders,” said Jim Ginsburg, Managing Partner at Vernon & Park Capital and a former currency futures trader at CME Group. “With Currensee, Forex traders scale the learning curve more quickly and fulfill their needs for social interaction. Trading can be difficult and lonely. Currensee provides a winning service that addresses these issues for traders and there’s little downside for Forex traders to join the service. We are excited to share our expertise with the team as they build their financial services social network.”
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, Egan Managed Capital and Vernon & Park 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 Vernon & Park Capital
Vernon & Park Capital is a private equity firm that focuses on investments in the Financial Markets Sector. Since 2001, Vernon & Park and affiliated parties have combined industry expertise and experience with rigorous financial analysis to successfully deploy its investment capital in the Sector. Through its investment activities, Vernon & Park provides capital to its portfolio companies and utilizes its extensive network of industry contacts as a strategic resource to help those companies realize their full economic potential. Vernon & Park will consider investments in companies at any stage of development ranging from earlier-stage emerging growth companies to more mature businesses in the Financial Markets Sector. For more information, visit the website www.vernonpark.com.