Sep 27, 2013

of singapore app maker myhero raises $10m series a

An app that lets people play the stock market without the risk of losing any real money has turned its virtual cash game into a pile of actual Benjamins, by closing out a $10 million funding round — one of the largest Series A rounds for a consumer startup in the region, it claims. The app in question, TradeHero, is made by a Singapore-based developer MyHero. Investors in the round are Kleiner Perkins Caufield Byers China fund (KPCB China) and IPV Capital.

[Photo Source: Finance app TradeHero transacts US$5B in virtual currency]

Read more (Singapore App Maker MyHero Raises $10M Series A For Its Stock Market Trading Gamification App, TradeHero)

TradeHero users start out with $100,000 in virtual cash to spend, choosing which and how much stock to ‘buy’ — there are no live trades going on here, it’s a simulation — and getting to see whether their trading decisions would have panned out IRL because the app follows actual market movements.

[Photo Source: TradeHero - Probably One of the Best Startup Ideas in Singapore]

Dinesh Bhatia, CEO and Founder of MyHero Ltd, the holding company for the TradeHero iOS app, describes it a “financial literacy tool” that uses gamification to engage users and help them learn how to improve their trading.