The proceeds will be utilized to expand the company’s manpower.
TipRanks, the Israeli company offering financial analytics services, announced on Thursday that it has secured a $77 million investment. The funding round was led by technology company Prytek and saw participation from several unnamed venture capitals.
The funding came when the company is witnessing a massive demand for its analytics products among the growing retail trader base. The company revealed that it has more than 4 million monthly users after witnessing a 300 percent jump for its subscription-based services last year.
Established in 2012, TipRanks offers a stock research platform that makes alternative databases available to retail traders. It uses natural language processing to analyze the performance of professional analysts for its services.
“In addition to being the only company that ranks analysts based on their performance rather than the prestige of the bank they work for, we are the only company that makes aggregated analyst ratings available to retail investors,” TipRanks Co-Founder and CEO, Uri Gruenbaum, said.
“We analyze all finance-related news, corporate filings, analyst research, and social media to provide retail investors with the same level of information that only institutional investors can afford. By doing so, we enable retail investors to make data-driven investment decisions,” he explained.
The company is now closing partnership deals with many investment platforms to further boost its user base. Most recently, it tied with Stockal, an investing platform providing Indian retail investors direct access to US stocks, following the launch of its services in the United Kingdom.
With a physical presence in Tel Aviv and New York, TipRanks is aiming to more than double its headcount with the fresh proceeds. Currently, the company employs around 60 people.
“We loved the fact that TipRanks provides unbiased and objective insights. Our vision is for TipRanks to become the leading information platform that every investor uses before making an investment decision,” said Andrey Yashunsky, Founder of Prytek.