TradingView.com – a web service providing data analysis tools and social networking capabilities for traders – has raised nearly $40 million USD in new venture funding thanks to last year’s cryptocurrency boom. The platform provides charts and graphs that offer insights into the ups-and-downs of cryptocurrencies and stocks.
How Does It Work?
Since March of this year, the company has garnered approximately eight million more users, and has witnessed over 61 percent more traffic. The platform has also begun offering its services for free to partner websites like Nasdaq, Bitfinex, and Seeking Alpha.
The funding is being led by New York-based growth stage investment firm Insight Venture Partners. Thus far, the company has managed to secure roughly $37 million in initial capital.
What Prompted the Site’s Exponential Growth?
Vice-president of Insight Venture Partners Paul Szurek says the boom in cryptocurrency interest in late 2017 ultimately led to the company becoming more centered on digital assets:
“The rise of cryptocurrencies and trading those assets has fly-wheeled into a broader interest in investing across asset classes. From October to January, during the real core of the crypto boom, there were a lot of users coming in and starting research on that asset class… 80 percent move on to research other asset classes. As TradingView.com kind of pushed through the [first quarter], trends in growth really diverged from what we were seeing in purely crypto-focused business, and that’s a testament to users leveraging this one-stop shop component of the platform.”
TradingView Ramping Up The Fans
The company has also managed to secure funding from firms like DRW Venture Capital and Jump Capital. DRW head Kimberly Trautmann later stated:
“TradingView.com was built for non-professional traders, but its accessible trading tools and powerful, yet intuitive charting capabilities have attracted the attention of institutional investors. We are excited about the diverse cross-section of the industry that TradingView.com has reached and its rapid growth. As a propriety trading firm on an institutional level, we’re looking forward to leveraging the platform and contributing to its further development.”
TradingView was founded in 2011 and went through TechStars Chicago in 2013 to secure $3.7 million during its primary years from companies like Irish Angels and iTech Capital. Just as more institutional investment companies are becoming interested in cryptocurrencies, TradingView’s social networking element has crypto enthusiasts more interested in financial markets.
Do you ever use the charts and graphs on TradingView.com? Post your comments below.
Images via Pixabay