Social Network For Traders Currensee Raises $8 Million

Social network for currency traders Currensee has raised $8M in Series B funding led by prior backer Northbridge Venture Partners and joined by new investor Egan-Managed Capital.

The company had earlier raised $6 million from Northbridge Venture Partners, but $2 million of the Series A round (raised in October 2009) was converted to Series B terms as part of the deal. Thus, this round brings the total of financing for the company to $12 million.

Currensee allows members of its trader network to see each other’s trades and positions, strategies and performance in real-time, enabling them to make more informed decisions. The company says its network boasts traders from over 70 different countries, and that its platform supports over 100 brokers.

The company recently launched Currensee Marketplace, released full MT4 support, a Tweet My Trades feature and a partnership with Thomson Reuters IFR Markets.

With the financing, Currensee will accelerate expansion in the UK, Europe, and Asia, where Forex trading is said to be growing at a rapid pace. Part of the additional capital will also be used for the development of Currensee Market Watch, a real-time “social sentiment indicator” that aims to show what traders are doing based on actual trades.

To a degree, the company competes with StockTwits, which has raised $4.6 million to date.

(Via press release and company blog post)