Robinhood, a US-based backed digital brokerage that counts corporates Alphabet and Roc Nation as investors, raised $323m yesterday in a series E round led by investment firm DST Global.
Venture capital firms Ribbit Capital, New Enterprise Associates (NEA), Sequoia Capital and Thrive Capital also participated in the round, which valued the company at $7.6bn, up from $5.6bn when it last raised money, in May 2018.
Robinhood’s platform enables users to trade stocks, options, cryptocurrencies and exchange-traded funds from a mobile device or desktop without requiring commission to be paid. It has also introduced adjacent services such as a financial news offering.
The round brought the company’s overall funding to approximately $863m since it was founded in 2013. It follows a $363m series D backed by CapitalG, internet and technology group Alphabet’s growth capital subsidiary, in 2018.
The series D was led by DST Global and backed by Sequoia, NEA, Thrive Capital, Iconiq Capital and Kleiner Perkins Caufield and Byers. It came three months after an undisclosed amount of funding from music management agency Roc Nation’s Arrive subsidiary.
DST Global, NEA, Ribbit Capital and Thrive Capital had joined Greenoaks Capital and Index Ventures to provide $110m in series C funding for Robinhood the year before at a $1.1bn valuation.
Robinhood had secured $3m in seed capital in 2013 from another Alphabet unit, GV, in addition to Index Ventures, Andreessen Horowitz, Rothenberg Ventures and assorted angel investors. Its other backers include Queensbridge Venture Partners, Vaizra Investments and Social Leverage.
