On Wednesday, Asian investment research and analysis marketplace, Smartkarma, announced that it has raised $4.7 million during its second strategic funding round.
The new funds will go towards further expand Smartkarma’s investment research offering. The company noted that the latest round brings the total capital raised to $7.5million USD, with investments from Wavemaker Partners, Jungle Ventures, as well as several industry leaders, such as Tan Chin Hwee.
Smartkarma’s website, which officially launched from closed beta in April 2016, has reportedly being used by 140 global professional institutions, a 267% year on year growth in platform activity, and a sharp acceleration in the number of insight providers joining.
Raghav Kapoor, CEO and co-founder of Smartkarma, commented:
“Smartkarma’s global client base is expanding rapidly and our relevance in today’s investment research industry is undeniable given the final MiFID II rules announced this year. We are thrilled to be driving industry change by providing a radically different approach for the creation and consumption of investment insight. The success of this funding round is testament to our model.”
Koh Boon Hwee, former chairman of Singapore Telecommunications, stated:
“In Smartkarma, we see the makings of a global leader looking to positively transform an industry that is in need of profound change. We are very excited to be working alongside them in supporting their mission and achieving long-term success.”
Amit Anand, founder partner of Singapore based Jungle Ventures, shared:
“We like to invest in businesses that fundamentally change the economics of an existing industry. We are very excited about partnering with the team at Smartkarma as they look to reshape the financial research industry in Asia and beyond.”
Smartkarma explained it plans to build on its global momentum by further growing its ecosystem of Insight Providers and expanding platform offerings. These would include the addition of sophisticated research applications, complementary data services and engagement tools. The company added it is also working with government agency International Enterprise (IE) Singapore to further its expansion into overseas markets.
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