Se­quoia In­dia leads $13.5 mn fund­ing round in Sin­ga­pore in­vest­ment re­search firm Smartkarma

Mint Asia ST - - News Dealstreetasia - BCY HALIDA E KVITTHAYAVECHNUKUL


based in­de­pen­dent in­vest­ment re­search and anal­y­sis provider Smartkarma has se­cured $13.5 mil­lion in a Se­ries B fi­nanc­ing round led by Se­quoia In­dia for its in­ter­na­tional ex­pan­sion.

Ex­ist­ing in­vestors Wave­maker Part­ners, Jun­gle Ven­tures and Spring Seeds also joined the round, bring­ing the to­tal fund­ing raised by the start-up to $21 mil­lion, ac­cord­ing to Smartkarma an­nounce­ment on 6 Novem­ber.

Smartkarma was founded in 2014 by Raghav Kapoor, Jon Foster and Lee Mitchell who are ex­pe­ri­enced in equity re­search, mar­ket­ing and sales. Kapoor and Foster were also co-founders of Avi­ate Re­search, which was ac­quired in 2010 by Reli­gare Cap­i­tal Mar­kets.

The firm pro­vides a plat­form to con­nect in­vest­ment man­agers with a large com­mu­nity of re­search ex­perts and an­a­lysts. It claimed to have over 400 in­de­pen­dent an­a­lysts cov­er­ing more than 2,400 com­pa­nies across 15 Asian mar­kets on its plat­form. Cus­tomers, who pay an an­nual fee to ac­cess the anal­y­sis, in­clude 150 lead­ing in­sti­tu­tional as­set man­agers world­wide, it said in its state­ment.

“The tra­di­tional equity re­search model has been bro­ken for a while. Smartkarma is em­pow­er­ing in­de­pen­dent re­searchers and cre­at­ing a new paradigm of trans­par­ent pric­ing in this in­dus­try,” said Shailen­dra Singh, man­ag­ing direc­tor of Se­quoia Cap­i­tal (In­dia) Sin­ga­pore Pte Ltd.

“We rec­og­nized early on that the mar­ket was frac­tured and there was an op­por­tu­nity to rein­vent how re­search is cre­ated, shared and used in or­der to drive an un­con­flicted and ef­fi­cient in­dus­try,” said Jon Foster, co-founder and chair­man of Smartkarma.

It plans to use the funds to ex­pand into the in­ter­na­tional mar­ket, aug­ment the tools and fea­tures on the plat­form, and offer ad­di­tional ser­vices. In Septem­ber, Smartkarma launched a UK of­fice, which will serve as a hub to build out its in­de­pen­dent re­search an­a­lyst com­mu­nity in Europe and sup­port its buy-side in­vestor clien­tele.

Driv­ing growth : Shailen­dra Singh, man­ag­ing direc­tor of Se­quoia Cap­i­tal (In­dia) Sin­ga­pore.

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