Streetbeat, a free investing and trading app for stock and virtual currencies with a proprietary marketplace of investment strategies, announced that it has finalized a $10 million seed funding round led by TTV Capital with additional contributions from investors including Seraph Group and AAF Management Ltd.
Streetbeat, whose customer base is expanding 18% weekly, is creating a marketplace of trading strategies that “gives each user a personalized list of recommendations based on their interests and risk profiles.” Over 35,000 investors have signed up for the platform during its 30-day beta launch, according to a release.
Gardiner Garrard, Co-Founder and a Managing Partner of TTV Capital, stated:
“We at TTV Capital are excited to partner with Streetbeat in their future growth. The company’s next-gen, autonomous investment platform makes manual trading a thing of the past. For the longest time, retail investors have wanted access to the technology and data that enable professional investors – and Streetbeat now provides these resources in an easy-to-use mobile app. We’re excited to work with the company’s talented team to bring a much-needed solution to market at an ideal time.”
Damián Scavo, founder and CEO of Streetbeat, remarked:
“Today’s brokers make money any time the user makes a trade, not when the user makes money. Manual trading is something that professionals stopped using in the ’90s, other than on rare occasions. Another issue that we see is copy trading of individuals without any type of due diligence on their strategies or access to exclusive data. These are problems that Streetbeat solves. Most of the investments in the professional trading world are automatic and data-driven, and that’s what everybody deserves to use today.”
Streetbeat captures a wider investing audience with its combination of online simple trading and robo-advisor, that “execute advanced data driven trading strategies that will be provided by vetted professionals.”
The announcement also mentioned that the platform will launch with two strategies and will introduce other strategies that reportedly include crypto, ETFs, and more.
Streetbeat also noted that it is “democratizing data-driven strategies while reducing the technological and information gap that exists between the average investor and Wall Street.”
Streetbeat is notably a graduate of the StartX accelerator program – ranked #1 nationally, with “a very selective process consisting of the top 8~10% of entrepreneurs from Stanford and around the world, through alumni invitation only.”
StartX reportedly has 5x more unicorns than the graduates of other accelerator programs of the same age and “a 92% success rate of startups still growing and thriving, when backed by $3 million in funding.”
Joseph Huang, CEO of StartX, added:
“We are proud of Damián and his team, and thrilled to have them as part of our community. We support them in leading the next financial revolution. We at AAF Management Ltd. are thrilled to back Streetbeat in their mission of building a cutting edge, investment platform catered to today’s savvy retail investors,” says Omar Darwazah, Managing Director and General Partner of AAF Management Ltd. “The company’s technology provides the tools retail investors need to professionally trade today’s ever complex financial markets. The Streetbeat team is world-class, and we’re excited to work closely with them to help them bring their innovative trading technologies to the market.”
Streetbeat is also backed by various angel investors of the Stanford Alumni community.