Streetbeat announced closing $10m in a seed funding round
By Joy Dumasia
Streetbeat, a free investing and trading app for stock and cryptocurrencies with a proprietary marketplace of professional investment strategies, announced that it had closed $10 million in seed funding led by TTV Capital with additional backing from investors including Seraph Group and AAF Management Ltd. Streetbeat, whose client base is expanding 18% every week, is creating a marketplace of trading strategies that gives each user a personalized list of recommendations based on their interests and risk profiles. More than 35,000 investors have signed up for the platform during its 30-day beta launch.
Streetbeat captures a wider investing audience with its combination of online simple trading and robo-advisor that execute advanced data-driven trading strategies that vetted professionals will provide. The platform will launch with two strategies and roll out additional strategies, including crypto, ETFs, and more. Streetbeat is democratizing data-driven strategies while reducing the technological and information gap between the average investor and Wall Street.
Damián Scavo, Founder and CEO of Streetbeat, said: “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.”
“We at TTV Capital are excited to partner with Streetbeat in their future growth,” says Gardiner Garrard, Co-Founder and a Managing Partner of TTV Capital. “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.”
“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.”
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