Robinhood, a US-based share trading app developer backed by internet technology group Alphabet and entertainment agency Roc Nation, has increased its series G round to $660m, Reuters reported yesterday citing a company spokesperson.
The $460m extension was supplied by D1 Capital Partners – which had provided an initial $200m tranche last month – as well as Andreessen Horowitz, Sequoia Capital, DST Global, Ribbit Capital and 9Yards Capital.
Robinhood is now valued at $11.7bn, up from $11.2bn at the time of the original series G investment.
Founded in 2013, Robinhood has built a commission-free trading app called Robinhood Financial to buy and sell exchange-traded funds, options and stocks, including fractional shares. It also operates a cryptocurrency trading platform called Robinhood Crypto.
The company additionally runs Learn, an online portal focused on financial education, and Robinhood Snacks, a newsletter and podcast with easily digestible financial news.
Robinhood has now raised some $2.36bn in capital altogether. It closed a $600m series F round led by Sequoia and backed by New Enterprise Associates (NEA), Ribbit, 9Yards, Unusual Ventures, TSG Consumer Partners and IVP in July this year.
CapitalG, a growth-stage fund for Alphabet, contributed to a $363m series D round in May 2018 that was led by DST and also included Sequoia, NEA, Thrive Capital, Iconiq Capital and Kleiner Perkins Caufield and Byers.
Arrive, the investment and startup services arm of Roc Nation, had injected an undisclosed amount in February 2018.
Robinhood’s shareholders also feature GV, Alphabet’s early-stage investment arm that took part in a $3m seed round in 2013, as well as Greenoaks Capital, Index Ventures, Rothenberg Ventures, Queensbridge Venture Partners, Social Leverage and Vaizra Investments.
