Singapore’s MyHero secures US$10mil Series A funding
By Digital News Asia September 27, 2013
- Its flagship app, the stock market simulation game TradeHero, has 250,000 users
- MyHero to expand operations, reach and build out existing portfolio of product offerings
SINGAPORE’S MyHero Limited, the holding company for the mobile stock market simulation app TradeHero, announced that it has secured US$10 million in funding from Kleiner Perkins Caufield Byers China (KPCB China) and IPV Capital.
The funding will provide growth capital to allow MyHero to expand its operations, reach and build out its existing portfolio of product offerings including TradeHero, its free mobile stock market simulation app, MyHero said in a statement.
The TradeHero game draws on real-world stock market information and acts as an engagement platform which encourages knowledge sharing between novice and experienced traders in an unrivalled global social investment network, the company said.
TradeHero was launched in January with S$588,000 (US$467,760) from TNF Ventures under Singapore’s National Research Foundation.
Since then, it has acquired 250,000 users spread over 200 countries, and has has reached the No 1 position in the iOS app store’s finance category in 75 countries and the top 10 position in over 100 countries, MyHero said.
TradeHero is also running a campaign with Macquarie Group in Singapore to promote warrants trading and is in discussions with other international financial institutions keen to leverage the app’s wide reach and platform, the company said.
“The timely 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 strong demand,” said Dinesh Bhatia, MyHero chief executive officer and founder.
“Half of China’s 170 million brokerage accounts in China today are online, and TradeHero’s focus on stock tips makes it highly relevant for Asian investors. We are energised and excited by the potential to address these growing markets,” he added.
KPCB China managing partner Wei Zhou said, “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 enormous potential in the financial investment space.”
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