Currensee, a social network for Foreign Exchange (Forex) traders, announced a series B of $8 million led by North Bridge Venture Partners and new investor, Egan Managed Capital. The company has raised $12 million to date, including this round and is planning to use the proceeds to expand its International presence outside of the US and continue development of several new products. Most recently, the company announced the launch of the Currensee Marketplace, “Tweet My Trades” feature and a partnership with Thomson Reuters IFR Markets.
Jim Moran, General Partner at North Bridge Venture Partners said in the announcement:
“In a space that has been viewed as the Wild West for investors, the Currensee team has made tremendous progress – bringing transparency, collaboration and innovation to the Forex industry for the first time. As we look ahead, we’re excited to welcome Egan Managed Capital as we work together to support the shake-up Currensee is creating in the world of Forex.”
Currensee was founded by developer Asaf Yigal, currently VP of products as well as Forex trader Avi Leventhal, who is now an advisor to the company. Currensee’s beta platform aims to bring transparency to the Forex market by connecting real traders in real time through a collection of tools/widgets that facilitate trading for example:
- Market Watch – shows the community’s sentiment and volume on each currency pair
- Thomson Reuters Market Open shows which market sessions are trading and delivers opening bell data for each market
- RSS Feeds let you read your favorite Forex blogs and other sites, right from the Currensee dashboard
- Community Historical Volatility shows support and resistance points derived from the community’s trading activity
Currensee could be classified as a segment in the social trading ecosystem with start ups like SocialPicks, Cake Financial, Covestor and kaChing (see previous coverage on its latest funding round from Andreesen).