eToro takes on funding to fuel explosive growth and evolve its social investment network
London, March 13, 2012 – eToro, the world’s largest investment network, announced today that it has closed a funding round of 15 million US dollars from Spark Capital and other investors to fuel international growth and continue to evolve eToro’s social trading platform. Over the past 12 months, eToro has experienced explosive growth more than doubling its active user base and making it the world’s largest online investment network with over 2 million registered users in over 140 countries.
The capital injection will enable eToro to accelerate innovation and continue to realize its vision of disrupting the financial markets. Over the past year, eToro managed to recruit some of the industry’s top talent, adding to its leadership role in defining the standard for social trading. As a result eToro has doubled its workforce within 12 months, reaching over 200 employees in Europe, United States, Australia, and Israel, where its R&D centre is located.
eToro trading volumes doubled in size within the last 12 months, and the number of traded positions in the network has increased by more than 500%. This explosive growth is attributed to eToro’s award winning CopyTrader™ that allows any user to automatically copy the entire trading activity of the best performing traders in the network, thus delivering better success rates and higher average returns per trade. CopyTrader™ has exceeded the anticipated adoption rates and is now used by the majority of eToro’s active user base. Users engaging in copy trading achieve win ratios of over 80%, which is dramatically higher than the industry standard, resulting in higher trading performance.
“The internet is breaking down long-standing business models across various well-established industries. Just as our portfolio companies, Twitter, Tumblr and foursquare have reinvented the way people interact online, eToro is now leading the charge to disrupt yet another market, the financial services market,” said Santo Politi, General Partner at Spark Capital.
“We are very pleased to have Spark Capital on board to help us continue to expand and lead the social trading revolution, ” said eToro CEO, Johnathan Assia. “As the largest investment network, we constantly push the boundaries of design and technology to harness the wisdom of the crowds for our users helping them trade and invest online more intelligently, yielding outstanding results.”
Learn more about eToro and tap into the world’s largest investment network at: http://www.etoro.com and http://openbook.etoro.com/