Majulah, MyHero!
With the backing of Kleiner Perkins, Caufield Byers China fund, and IPV Capital, Singapore-based MyHero is now $10 million closer to reaching its goals of expanding into the Chinese market and growing its user base to more than 300,000.
Led by CEO and founder, Dinesh Bhatia, MyHero is the developer behind TradeHero. TradeHero, says Bhatia, is a “financial literacy tool” that lets users trade and invest virtual dollars in the stock market. Top performing traders and investors can monetize their talent by selling real-time market notifications through the app to their followers.
This combination of gamification and virtual trading community has earned the app a #1 spot in the financial category of the iOS App Store in 75 countries. The app is expected to be available in Android soon.
The $10 million in Series A funding is the company’s first major financing since a seed round put more than $450,000 in TradeHero’s coffers at the beginning of the year. The current infusion of capital is slated to help MyHero market TradeHero more aggressively over the next few years, as well as support a focus on China over the next three to six months. Bhatia cited successful testing of TradeHero’s mobile app in markets such as Hong Kong and Singapore as providing confidence that a move into China would be well-received.
Read more about Asia-based Finovate alumni in our recent feature by Julie Schicktanz that explores the support startups like TradeHero have received from the venture capital community.
TradeHero demoed their mobile app as part of the inaugural FinovateAsia event in Singapore in 2012. Finovate will be returning to Singapore for FinovateAsia 2013 in November, and early bird tickets to the one-day show are available through October 4. For more information on FinovateAsia 2013, visit our page here.