ICON has advised on the funding round for the rapidly growing financial analysis and digital media company Stockomendation.
Stockomendation is a ‘super’ search engine, aggregator and comparison site for stock tips and recommendations in the UK stock market. It gathers and tracks stock tips made by the UK’s leading tipsters, newspapers, magazines and websites and in almost real time displays the performance of the tip and the tipster, whilst also offering a free UK stock market company search and data service powered by a partnership with Thomson Reuters.
Commenting on the funding, founder and CEO Paul Roberts said: “Stockomendation has the potential to change the nature of accountability and transparency in the stock market for private investors and grow the execution base and volumes for brokers and trading platforms. The website currently displays stock tips from over 140 UK financial journalists, share prices, market information, tracking tools and much more is built into its platform. It is the ‘go-to’ website for anyone investing in the stock market and for tipsters and researchers wanting to connect with private investors.
Paul who has a track record of success with early stage internet and technology businesses having sold his cloud based business Clunk Click to the Risc Group in France in 2008, is joined by non executive Chairman, Nick Ogden. Mr Ogden has consistently been at the forefront of Internet innovation since 1985 having created the world’s first online store and then founded and was CEO of the multi-billion pound currency processor WorldPay. Over the last few years Nick Ogden has developed Voice Pay, a system of voice and other biometric payment authentication which is being rolled out to banks globally. Having raised over £100 million of investment capital for his projects over the years, his achievements are numerous and it’s this ability to innovate and develop that he brings to support Stockomendation.
Commenting on the deal, Nick added: “In Stockomendation, Paul Roberts has created an exciting company with global potential. Big data and the Internet are finally levelling the playing field for the private investor and Stockomendations platform could be transformational for private investors. I look forward to working with Paul and the team to develop further applications and partners for Stockomendation and make this a truly global business.”
The round was led by Angel investors well-known in the software and finance industry, and the funding will be used to support Stockomendations rapid growth and help build out its sales and marketing presence in the UK and US markets.