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Print Edition StoriesWednesday, April 21, 2010
Currensee adds new investor, rounds out $8.8M funding round
By Mass High Tech staff
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Currensee Inc., an online foreign currency exchange, has added new investor Vernon & Park Capital LP and brought its Series B funding round to $8.8 million.
The Boston company claims to be the first social network for trading on the foreign exchange market (Forex).
The additional funding from the new investor, a private equity firm with a focus on the financial markets, will help the company grow its Forex trading in the United Kingdom, Europe and Asia. The company also plans to develop further its Currensee Market Watch, a tool to track trader activity, and its Currensee Trade Leaders program, an automated Forex social trade service.
The company announced in February that it had taken in $8 million in its Series B round, led by North Bridge Venture Partners, with support from new investor Egan Managed Capital. In October, Currensee closed a Series A round at $6 million, which it began raising in 2008.
Currensee launched in 2008 as Tradual Inc. It is one of three early-stage startups in the Boston area providing information to investors and traders. Updown Corp. of Cambridge and Brighton House Associates LLC of Marlborough both launched in March 2007. Updown provides fantasy stock trading, and Brighton House offers a directory of investors for fund managers.
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