Spark Capital is a highly esteemed Boston, Mass.-based venture firm whose entertainment and digital media-centric portfolio includes well-known startups like Covestor, Twitter, Boxee, 5Min, AdMeld and Tumblr, so this is a big win for eToro.
The investment network, which allows users to trade commodities and indices on the foreign exchange market (Forex), aims to be a destination for both beginning and professional traders.
"Spark has a successful track record with social network oriented companies such as Twitter and eToro is proud to be in such good company,” said eToro CEO Johnathan Assia. “We are committed to making trading a fulfilling and rewarding social experience and with the support of Spark Capital we have the needed capital and partners to continue to lead the market and fuel our explosive growth and expansion into new regions."
Following through on its promise of “rewarding social experience,” eToro also announced today it is implementing a Foursquare-like “badges system” called the Market Leader program. Just as Foursquare users are awarded certain badges for completing achievements, the Market Leader program will award badges to the top traders on eToro. For example, there are badges for best trader in each commodity (gold, crude oil, etc.) and currency pair trading (Euro vs. dollar).
eToro has also upgraded the social side of its services to follow expert traders on Facebook, LinkedIn and Twitter.
The company says in today’s press release that it “has experienced exponential growth” over the past two years, but still reports the same 1.5 million registered users that it had already amassed in June 2010, when the company closed its third round of funding.
Either way, eToro serves over 130 countries and says more than 2,000 new accounts are opened each day.