Shares of NAGA Group AG (ETR:N4G) traded up by more than 13% on Friday, after the company – which operates the CySEC licensed Retail FX brand NAGA.com – announced late Thursday that it had raised €22.7 million in additional capital from investors that included Christian Angermayer and Igor Lychagov.

Christian Angermayer is new to Retail FX and CFDs, but has had something of a Midas touch in most (but not all) of his business dealings. The serial entrepreneur and billionaire investor from Germany is best known for life sciences and psychedelics (e.g. Atai Life Sciences) and in teaming with leading investment groups and celebrities from around the globe in varied ventures. According to the Australian Financial Review Mr. Angermayer’s investment firm Apeiron has been the lead investor in seven companies that have gone public in 2020-21, raising more than USD $1 billion combined. A number of other companies in his portfolio are reportedly in the queue to IPO in the coming months.

And Igor Lychagov certainly does know Retail FX as one of the co-founders of Exness, which has grown to become the largest broker in the industry, with Exness doing nearly $1 trillion of client trading volume monthly. Mr. Lychagov does not have a day-to-day role any more at Exness, but is still involved at the board level.

That double vote of confidence, more than what the additional capital can actually do, is what seems to have gotten investors in NAGA excited. We would note that NAGA shares, now at €6.45 after rising Friday by 13.2%, are still well below their 52-week high of €9.30, set back in February after the company posted record trading volumes at NAGA.com to start the year.

NAGA Group AG one year share price. Source: Google Finance.