OpenDoor Secures Another $10 Million in Funding
The funds will be used to expand OpenDoor's client network and improve connectivity to current users.
OpenDoor completed its latest series A investment round from private investors. The company said the funds will enhance the platform by helping to improve its connectivity to customers and expand its network of clients in institutions and central banks.
As an all-to-all, anonymous trading platform for treasuries, OpenDoor matches off-the-run treasuries and treasury inflation-protected securities to enable the buy side to source and create liquidity. The platform launched in April this year.
Susan Estes, OpenDoor CEO, said the platform has gained significant traction and attracted around three dozen firms, representing $6 trillion in assets under management.
“We are grateful to all of our early adopters who have been willing to endorse OpenDoor’s solution through ongoing auction participation,” Estes said. “Of the more than $60 billion in orders placed since the launch, over 75 percent have been placed at or through the mid-market.”
OpenDoor’s first series A funding round in July 2016—after an initial $2 million seed round at the end of 2015—yielded $10 million. It considers itself one of the first trading platforms majority owned and operated by women.
The platform also counts six sponsor-dealers that trade principal accounts, with four more expected to onboard in the coming months.
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