China Growth Capital leads $14m round for Tiger Brokers
China Growth Capital has led an extended Series B round worth RMB100 million ($14 million) for Tiger Brokers, a Beijing-based online brokerage start-up, with participation from existing investor ZhenFund.
Founded in 2014, Tiger Brokers provides online brokerage services for Chinese investors to trade shares listed on domestic exchanges, as well as in the US and Hong Kong. Its services include short-selling, real-time quotations and individual investment performance analysis. As of the end of last year, the platform facilitated more than RMB120 billion worth transactions.
Earlier this week, the company launched Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect trading services, which enable overseas users to access to A-share listed stocks.
Tiger Brokers has raised about RMB400 million since incorporation. According to AVCJ Research, the company received an angel round from Xiaochang Shuimu Investment and Dianjing Strategy Fund in 2014. This was followed by two rounds of funding in 2015: a pre-Series A round from K2 Ventures and ZhenFund, and a Series A led by Chinese smart phone maker Xiaomi and Greenwoods Investment.
Last year, the company raised a RMB200 million Series B round from Goldstone Investment, HG Capital, ZhenFund and K2 Ventures.
The new capital will be used to expand the Tiger Brokers' brokerage services in the US and Hong Kong, as well as to upgrade its technology, according to a statement.
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