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Robinhood Financial raised new funding at a valuation of about $11.2 billion, as Dan Sundheim’s D1 Capital Partners poured $200 million into the net trading company.
The seven-year-old agency was most lately valued at $8.6 billion throughout its July funding spherical, earlier than it posted file trading figures for June. It revealed day by day common income trades of 4.31 million for the month, better than any of its publicly traded rivals. The newest funding and valuation had been introduced by Robinhood in a weblog put up on its web site.
Robinhood’s surge through the Covid-19 pandemic has garnered each fascination and criticism from Wall Street, with issues persisting that the platform attracts many younger customers who many not perceive the dangers of inventory wagers. D1’s new funding marks a vote of confidence from a distinguished hedge fund investor.
Sundheim was chief funding officer at Viking Global Investors earlier than placing out on his personal and opening D1 to outdoors traders in 2018. It was one of many largest hedge fund launches of that 12 months, and he was amongst an early crop of traders to put money into each publicly traded and privately held shares.
Robinhood lately blocked entry to details about the person inventory trades that customers had been flocking to. It was a extensively watched metric amongst traders corresponding to hedge funds, which tracked the trades to know the place an ever-wider array of retail traders had been heading.
The platform has been in search of to draw customers to its different choices, corresponding to Robinhood Snacks, its publication and podcast — which now has over 2 million energetic month-to-month listeners, in response to a weblog put up.
This story has been revealed from a wire company feed with out modifications to the textual content. Only the headline has been modified.
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