eToro invests in Seedrs round of financial content startup CityFALCON
London and Malta based fintech CityFALCON has announced that it has closed an equity fundraising campaign on Seedrs of £1.65 million (USD $2 million), to scale up the business and bring more insightful products to market faster.
On Seedrs, a leading private investment platform, CityFALCON has leveraged individual investors from their growing fanbase and onboarded institutional investors. The company said that a number of serial entrepreneurs took part in the round, including one that sold his last company for £500 million.
CityFALCON added that social trading focused online broker eToro took a small position in the company. eToro is a client and powers its News tab with CityFALCON content, providing users with a quality contextual newsfeed to inform investment decisions and increase engagement.
Other investors in the round included The Holt Xchange, a global early-stage VC firm and platform in Canada, and Terance Butler Holdings (TBH), a property investment company in the UK. According to Seedrs, the round was done at a pre-money valuation of £10.4 million for CityFALCON.
Stephen Walker, Investment Director at TBH, said:
“We are excited to invest in CityFALCON at what we believe is a pivotal time for the company. Having gained traction, we believe now is the right moment for the company to scale up its sales & marketing effort whilst continuing to develop the product”.
Managing Partner at Holt Xchange, Elisabeth Laett, stated:
“The democratisation of financial information is the result of a global demand to access better education and deeper financial insights for a broader audience. We have been impressed with the team’s mission at CityFALCON and pleased to further support them in this seed round”.
Overall, CityFALCON boasts 2,300 existing investors, with 1,200 coming on in this round, including new and repeat investors.
Ruzbeh Bacha, CEO at CityFALCON, commented:
“We are grateful and very excited about this round, especially during these volatile and uncertain times. Our users, clients, and investors on Seedrs have been amazingly supportive”.
Seedrs’ Kirsty Grant, chief investment officer, added:
“CityFALCON’s raise far outstripped their original expectations and shows the investor demand for opportunities even amidst the current economic climate. We are happy to have been able to support them in their journey.”
Using AI and Big Data, CityFALCON personalises content feeds from thousands of financial sources with one paid subscription like Spotify does for music. Clients receive curated content, analytics, and insights via web, mobile, and API.