New York-based startup Vest Labs said it has raised $13 million in seed funding in a round that closed in July. The financing was led by Portal Ventures, with participation from individual investors including executives from Citadel Securities, BlackRock and KKR. Vest was founded by University of Pennsylvania dropouts Justin Ma, Rikuya Takatsu and Maximilian Tsiang. The company operates a platform that lets qualified traders use firm capital to trade perpetual futures around the clock, with traders eligible to receive as much as 80% of the profits. Vest says this model differs from traditional proprietary trading firms that charge users fees for simulated accounts. The startup plans to use the new capital to build a mobile app, expand its 22-person team and broaden the range of tradable assets on the platform.
New York startup Vest Labs said it has completed a $13 million seed round that closed in July. Portal Ventures led the financing, with participation from individual investors including executives from Citadel Securities, BlackRock and KKR.
Vest was founded by University of Pennsylvania dropouts Justin Ma, Rikuya Takatsu and Maximilian Tsiang. Its platform allows qualified traders to use firm capital to trade perpetual futures 24/7. Traders can receive up to 80% of the profits, a structure the company positions against traditional proprietary trading firms that charge users fees for simulated accounts.
The company said it plans to use the funding to develop a mobile app, expand its 22-person team and add more tradable asset categories.
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