MyHero Limited, the holding company for the Singapore-based mobile stock market simulation app TradeHero, today announced that it has successfully secured its Series A round with Kleiner Perkins Caufield Byers (KPCB China) and IPV Capital. The funding amount is also confirmed to be US$10 million.
Not only does Echelon alumnus TradeHero boast a total of 250,000 users spread over 200 countries since its launch six months back, it has also attained the number one spot in the iOS App Store’s finance category in some 75 countries. Dinesh Bhatia, CEO and Founder, MyHero – the parent company of TradeHero, told e27 that there are six people in the team but “hiring is definitely on the cards as part of plans for the future.”
In addition to potential new hires, Bhatia also said that there are “many exciting developments in the pipeline.” However, he was able to share that for TradeHero, we can look forward to seeing a “launch in China, an Android version to come and language localization for the app” in the next six months.
China might be a big focus market for MyHero, along with the US and Europe, with funds and manpower about to be allocated to driving user acquisition. However, Bhatia noted that Thailand is the company’s biggest market right now.
Gary Gan, Business Development & Marketing Director, TradeHero, shared that about 15 percent of the app’s user base originates from Thailand, even though it lacks a native Thai version. He added, “We will be launching local language versions very soon, and of course, Thai will be a priority.”
While TradeHero might claim to prioritize Thailand, it is evident that the company has its eyes on China instead. “Half of China’s 170 million brokerage accounts in China today are online, and TradeHero’s focus on stock tips makes it highly relevant for Asian investors, Bhatia was quoted as saying in a press release. The large markets and growing enthusiasm and love for technology integrated with finance is a huge plus for TradeHero. The company’s choice of investors is also telling of its recognition in the Chinese market.
Taking a look at KPCB China’s portfolio on its official website, the venture capital firm has funded some 66 companies, with some big names like Baidu, A8.com and AAC Acoustic Technologies. IPV Capital is also a Chinese investor, but it seems to have a smaller portfolio. Under software or services, it notes companies like K-Vision, a digital video recorder company for the Chinese surveillance industry; V-Key, a mobile security company; and Genapsys, a pre-commercial stage medical devices company, amongst other names.
Will TradeHero be an instant hit in China? Let’s wait and see, and at the same time hope that this wouldn’t just make news as one of the highest Series A rounds for a Singapore-based tech startup.