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MHT's Jackie Noblett: VC funds run short in 2009
Online foreign currency exchange Currensee Inc. has taken in $8 million in Series B financing led by North Bridge Venture Partners, with new investor Egan Managed Capital.
According to Currensee officials, the Boston company will use the new funds to expand faster into the United Kingdon, Europe and Asia, as well as further development of its product Currensee Market Watch. As part of the funding, Egan Managed Capital partner Travis D. Connors will join the Currensee board.
Currensee’s primary application, the Currensee Marketplace, allows Forex traders to track trade data and share it anonymously and learn from each others’ moves. It includes a new “Tweet My Trades” feature and a unique partnership with Thomson Reuters IFR Markets.
In October, Currensee closed a Series A round at $6 million, which it began raising in 2008. That brings the total the company has raised to $12 million to date, as the $2 million the Currensee landed in October was converted into this new Series B round.
Currensee was founded by Dave Lemont, who formerly headed up Burlington-based AppIQ Inc.; Avi Leventhal, a former foreign exchange trader; and Asaf Yigal, former director of professional services for Onaro Inc. Onaro was acquired by NetApp Inc. in January 2008.
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