Robinhood, a US-based stock-trading platform backed by internet technology conglomerate Alphabet and music management agency Roc Nation, has added $50m to a series E round now totalling $373m, Axios reported on Tuesday.
The extension was provided by investment firm DST Global, which had already led the $323m first tranche in July 2019. The initial close also featured Ribbit Capital, New Enterprise Associates (NEA), Sequoia Capital and Thrive Capital, and RobinHood maintained its $7.6bn valuation for the extension.
Founded in 2013, Robinhood has built a commission-free trading app for stocks, funds, options and cryptocurrencies. It recently launched a scheme that enables users to spend money out of their brokerage account while also earning interest from partner banks on the stored capital.
The company has collected at least $913m in equity financing to date. CapitalG, Alphabet’s growth equity arm, contributed to a $363m series D round for RobinHood in May 2018 that was also led by DST Global.
NEA, Sequoia, Thrive Capital, Iconiq Capital and Kleiner Perkins Caufield & Byers also participated in the series D round, which followed an investment of undisclosed size from Arrive, the investment subsidiary of Roc Nation, that February.
GV, an early-stage corporate venturing subsidiary of Alphabet, had taken part in the company’s $3m seed round in 2013 alongside Index Ventures, Andreessen Horowitz, Rothenberg Ventures and a series of private investors.
Robinhood’s shareholders also include Greenoaks Capital, Queensbridge Venture Partners, Vaizra Investments and Social Leverage.
Image courtesy of RobinHood.
