The high expectations of a brighter cryptocurrency market and a similarly positive stock market that has been prevalent since last year have finally led to some positive news for one company. TradingView, a company that creates data analysis tools and social networking tools for the financial markets has received a considerable amount of funding. The company received a total sum of $37 million from Insight Venture Partners.
Insight Venture Partners is an investment firm that is specifically geared towards helping growing companies achieve their potential while in their early stages. TradingView is a pioneer in the app development world and it has developed its own programming language which goes by the name PineScript. It is through this language that companies can create customized financial analysis apps.
The company’s software is offered in accessible terms
TradingView has consistently offered its products to customers in an accessible model where they can use some features while having an option to upgrade to access more functionality. The more vital features like charts and alerts are for instance offered for a price. While the company has over time differentiated its paid features in three plans, it initially used to rely on partnerships with websites like Nasdaq and Bitfinex to make money and to also entrench itself in the market.
The partnerships definitely had the greatest impact on the growth trajectory of the company since they resulted in a wider user base. Currently, though, the paid subscriptions are responsible for the most revenue, which basically represents a total of 75% of total revenue. Even with such levels of revenue, the firm’s executives still think that there is room for growth, especially in the retail sector. With more information about the market becoming available, the company has also identified a gap in the institutional sector. Stan Bokov, the company’s chief operations officer, reckons that the growth trend has been healthy in the past couple of years.
The investors also see potential in the firm
The vice president of Insight Venture Partners, Paul Szurek, says their choice of investment in TradingView is informed by the market. By observing the market, the investors chose to venture into a firm that is involved in consumer trading. The vice president reckons that their investment choice is also informed by recent movements in the market that saw cryptocurrencies gain appeal in all the classes of traders in the market. These market dynamics are what they expect to endure in a foreseeable while.
Bokov indicates that it was never a priority to venture into the cryptocurrency market. Considering the direction of the crypto market though, the company decided to entrench the little support that they had for the digital currency. There is no doubt that cryptocurrencies present great prospects especially for the younger investors in the market. The inclusion of cryptocurrencies has in fact led to the rise in the interest of other assets amongst the users. Up to 80% members that the company recorded from October to January started off in the crypto space but ended up in other markets within the platform.
The amalgamation of the different products in one platform is something that has worked perfectly for TradingView. Their model has seen users leverage on the different features and they not only find value in the platform but it is also a product that is unique in the industry. There are other investors who have also funded the company. Jump Capital and DRW Venture Capital are among the two that have also been publicly recognized. TradingView came into existence in 2013 from TechStars and was supported by various partners and investors for the next couple of years.
When it started, TradingView was never developed for the higher edges of the market. It was a small startup that was meant to focus on novice traders. The platform was however built creatively with some powerful tools that ended up attracting even professional trading circles. This is according to DRW Venture Capital. The growth of the company has ultimately attracted all sorts of investors who are now excited about the possible growth trends of the platform. DRW Venture Capital has indicated that they are specifically interested in how the platform is able to cross different markets. The investors have committed to ensuring that TradingView will achieve further development under their guidance.
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