Robinhood’s Stock Trading App Is Valued at $1.3 Billion
Robinhood, which makes a popular app for trading stocks without fees, is seeing its own share price soar. The Silicon Valley startup said its valuation increased to $1.3 billion after a new investment.
The funding round totaled $110 million and was led by DST Global, the Russian firm led by billionaire Yuri Milner. Other new investors include Thrive Capital, the New York venture capital firm run by Joshua Kushner, brother of White House senior adviser Jared Kushner.
After a rocky start to the year for U.S. technology startups, the market is rebounding. Deal-making is now comparable with last year’s levels, according to the Bloomberg U.S. Startups Barometer, an index that tracks fundraising, acquisitions and initial public offerings.
The new investment gives Robinhood coveted status as a startup unicorn, a private company with a valuation of at least $1 billion. Founded in 2013, Robinhood said it has about two million users and $50 billion in transaction volume.