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Robinhood successfully raised $200 million in investments after a recent funding round. The cryptocurrency and stock trading app also revealed that its valuation has ballooned to $11.2 billion from its valuation of $8.3 billion last month.
Robinhood announced in a blog post on August 17 that it has raised $200 million in a recent funding round. The Menlo Park, California-based company also revealed that its market value has now soared to more than $11 billion based on the assessment by global investment firm D1 Capital.
“Today, we’re announcing a $200 million Series G funding at an $11.2 billion valuation from D1 Capital Partners,” Robinhood said. “For seven years, the team at Robinhood has been focused on enabling more access to the markets for more people.”
Robinhood said that the capital infusion will be used to further improve its services. “With this funding, we’ll continue to invest in improving our core product and customer experience,” the company added.
This means that the company managed to add $2.6 billion in just one month. It received a valuation of $8.6 billion in July during its funding round where it was able to raise $320 million, according to Cointelegraph.
Robinhood also raised $280 million in a Series F funding round in May. At that time, the company was valued $8.3 billion.
Cointelegraph speculations that the “customer service” that Robinhood wants to improve might be referring to the multiple outages that happened on its platform recently. In March, many traders demanded compensation for their losses when they could not access their accounts when the platform went down three times that month.
The platform also went offline on June 18 despite having recently secured $280 million in a Series F round which was led by Sequoia, the Menlo Park, California-based venture capital firm.
However, Robinhood remains very popular among younger traders due to its “gamified” user-friendly interface. The platform attracted 3 million new users in the first quarter of 2020.
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