Robinhood, the popular app, has increased its latest Series G funding round to $660 million, at a company valuation of $11.7 billion, retail traders have been flocking to trade stocks and cryptocurrencies on the app, at a company valuation of $11.7 billion.
It has been reported that the fresh funding is an extension of a Series G round first announced in August when D1 Capital Partners invested $200 million in Robinhood.
However, new and stalwart investors in the app have been involved in the extension, among them Andreessen Horowitz, Sequoia, DST Global, Ribbit Capital, and 9Yards Capital.
A spokeswoman for Robinhood Markets Inc. indicated that the capital would be used “to support our core product and customer experience and new offerings like cash management and recurring investments.”
A data by Reuters’ calculations using PitchBook estimate that Robinhood has now raised around $1.25 billion from investors and secured a total amount of capital in excess of $2 billion to date.
Likewise, while locked-in, traders may be feeding demand for the app’s services and raising investor confidence, the ride in recent months hasn’t always been smooth.
Thus, Robinhood began compensating some of the traders affected during the March disruptions, though the company declined to reveal how many users were affected.