LO:TECH raises $12m to expand trading infrastructure to New York and Singapore
London-based LO:TECH raised $12m in a Series A led by MMC to expand its trading infrastructure into New York and Singapore.
LO:TECH, a London-based capital markets infrastructure company, raised $12 million in a Series A round led by European venture firm MMC, according to startup.eu.
Existing investors Faction and 13 Books Capital participated alongside Atka. The company plans to use the funding to expand into the US and Asia-Pacific, including New York and Singapore, and to grow its execution services for institutional clients.
LO:TECH said it intends to seek regulatory approval in the markets it enters and is exploring licences in the US. It says it serves more than 50 institutional clients.
Founded in London, LO:TECH develops trading infrastructure for traditional, digital and prediction markets. It launched its execution services alongside the funding announcement, and CEO and co-founder Tim Meggs said capital markets no longer run on traditional hours and that the firm built its infrastructure for markets operating around the clock.
What do these terms mean?
Series A: A funding round that follows seed funding, usually used to expand the team and product or enter a new market.
Trading infrastructure: The systems and software that route orders between buyers and sellers and execute trades across different markets.
Execution services: Services that carry out buy and sell orders on behalf of clients at the best available price across multiple venues.
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