The funds will be used to develop the firm’s
proprietary real equity trading platform.
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| Online Stock Trading |
Israeli online stock brokerage start up Stox announced
today the closing of an $8 million Series A funding round led by Israeli
entrepreneur Moshe Hogeg's investment fund Singulariteam. The funds will be
used to further develop the firm’s proprietary real equity trading platform.
Stox’s trading environment is a sharp departure from a typical
online stock brokerage. Designed with the investor’s needs at the forefront of
every stage of production, the user-friendly trading platform transforms stock
trading with unique and seamless social features that show which stocks are
being traded and how other investors are performing. Users will benefit from
being able to follow other investors on the platform and even copy them trade
for trade. The combination of a full-service online brokerage with key social
functionality and a highly focused and tailored user interface is a key element
of Stox's aim to create a service that makes online stock trading accessible to all, while
also providing the tools and confidence necessary to make decisions.
Stox is operating in a similar space to eToro, another Israeli
start-up that has raised $90 million to date, and allows investors to track
their investments online through its trading and investments platform, which
includes social features.
Stox cofounder and CEO Roy Shaham said,“Our goal is to open up
the Stock Exchange to as many people as possible. By simplifying the process of
online trading and by allowing users to see the actions of other investors, we
can help people who, till now, have not felt confident investing in stocks.
Stox actively stimulates their interest and empowers them to take control over
their future finances."
Stox is currently in invitation-only beta mode and plans to launch
in Europe within the next couple of weeks, expanding to the US market later in
the year.
Singulariteam, focuses on identifying start-ups with major
disruptive potential and includes innovative startups like Mobli, Storedot and
YO. Hogeg said, "We are always looking for companies that turn traditional
sectors on their heads, and Stox has the potential to make online trading
effective, accessible and fair without forcing users to sacrifice the quality
or legitimacy of the trading environment. The ability to emphasize
accessibility while still delivering a premium offering is what sets Stox apart
and the addition of key social functionalities offers a new experience for more
seasoned traders to improve their interaction. Whenever you can both widen
access to new audiences and bolster the experience for those who are already
using similar products, the potential is enormous."
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