AlgoTrader raises CHF 1.4 million funding

AlgoTrader provides quantitative trading strategies for all asset classes including cryptocurrencies like Bitcoin.

Swiss-based algorithmic trading platform provider AlgoTrader has raised CHF 1.4 million in a new funding round as it looks to take the company global.

The post-seed stage round was led by Silicon Valley-based venture capital investor NeueCapital, angel investors and one of AlgoTrader’s long-term clients.

Christian Janson Euterneck, partner at NeueCapital, said he was impressed with AlgoTrader’s large client base and the integration level of its automated engine.

“We are especially encouraged that small and medium sized funds are increasingly using cost-effective and fully automated third-party technology like AlgoTrader, in their trading operations. We believe this will continue to drive strong growth in this market,” he commented.

Established in 2014, AlgoTrader provides an algorithmic platform based on quantitative strategies for all security types and asset classes, including cryptocurrencies.

The firm introduced its algorithmic trading service for Bitcoin trading in May 2017 as it sought to provide institutional investors with the opportunity to trade cryptocurrencies on a quantitative basis. Known as Coinigy, the digital currency platform is connected to 45 cryptocurrency exchanges and offers live market data.

AlgoTrader added that overall, the modular architecture within its platform automates trading for institutions, and allows firms to save budget and speed up time to market.

“We are seeing a tremendous amount of market interest in our solutions and now is the time to expand our business by investing in marketing and sales, product development and international expansion to support the continuing rapid growth of AlgoTrader,” said CEO and founder of the firm, Andy Flurry.