One of the biggest misconceptions about the European tech scene is that it should operate exactly like the Silicon Valley tech scene. This is just plain dunderheaded. The truth – far too too seldom stated – is that as well as operating in a ‘Valley’ manner, equally European startups can come out of a sector-specific business context. Thus, music startups like Last.FM, Songkick and others have continued to emerge from London and Berlin where the music and creative scene in Europe is hugely strong. London is also becoming a center for fashion startups like Editd and Garmz. In that same vein, London is a big financial centre.
To that end today OpenGamma is a new kind of financial startup, based in London, which has an open source analytics and risk management platform for the financial services industry. Today it’s completed a $6 million Series B round of equity financing led by FirstMark Capital, a New York-based VC. Accel Partners joins the round as a return investor. OpenGamma previously had a Series A round of $6m from Accel Partners.