Financial Software - Thursday, April 10, 2008
Open Source Trading Platform Marketcetera Raises $4M In First Round
San Francisco-based Marketcetera has raised $4M in a Series A funding round. The round was led by Shasta Venturesand Jack Selby, managing director and co-founder of hedge fund Clarium Capital.
Marketcetera is an open-source trading platform that provides order routing and management for algorithmic trading.
The startup was founded in April 2006 by CTO Toli Kuznets and CEO Graham Miller, who both had graduated form Stanford and worked in financial software development. They hit on the idea that new exchanges are being built monthly at high cost by Wall Street firms and that an open source building block was missing.
This doesn't seem like an enormous business but should they succeed here, surely there are other opportunities to build open source financial software products.
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