Singapore-based MyHero Ltd, the company behind the mobile stock market simulation app TradeHero.mobi, has raised $10 million in series A funding from Kleiner Perkins Caufield Byers China fund (KPCB China) and IPV Capital, a China-based venture capital firm that invests in early stage high growth technology firms. According to the company, this is one of the largest Series A rounds ever for a Singaporean consumer internet startup.
The company will use the funds to expand its operations and reach, as well as to build out its existing portfolio of product offerings, including TradeHero, its free of cost app. The app draws on real-world stock market information and acts as an engagement platform, which encourages knowledge sharing between novice and experienced traders in a global social investment network.
“The funding will allow us to grow the reach and scale of our user base, build out the technology and drive product availability on different platforms to meet demand,” said Dinesh Bhatia, founder and CEO, MyHero. “Half of China’s 170 million brokerage accounts are online today, and TradeHero’s focus on stock tips makes it relevant for Asian investors,” he added.
The company claims that the TradeHero app has reached the number one position in iOS app store’s finance category in 75 countries and has also acquired 2.5 lakh users (spread over 200 countries) since its launch six months ago. Of these, around three-fourths (or 75 per cent) are active accounts. The top markets for the company (within the Asian region) include India, Thailand, Singapore and Vietnam. The company is also running a campaign with Macquarie Group (in Singapore) to promote warrants trading and is in discussions with other financial institutions too for the same.
The company was founded by Bhatia in August 2012. A seasoned entrepreneur, he had earlier co-founded a number of companies that include Edenpod, Edgematrix Pte Ltd, Wireless Intellect Labs and Okilabs Pte Ltd. Prior to founding TradeHero, he was a venture partner and entrepreneur-in-residence at Vickers Venture Partners, a venture capital firm focusing on venture capital investments in Asia.
He has also worked at companies like Fix8/Mobinex, Koenigsegg Asia Pacific Ltd, ITV International Television and Iteru Pte Ltd. Bhatia holds a twin BSc degree in electrical engineering and computer science from Washington University in St. Louis (US) and an MSc and a Diploma of Imperial College (DIC) from Imperial College London (UK).
“TradeHero is a unique financial engagement platform which lets users learn about trading in a controlled environment with real financial market information. It holds promise and we recognise the platform’s potential in the financial investment space,” said Wei Zhou, managing partner of KPCB China.