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Singapore-based Smartkarma raises $18.4 mil in bet on MiFiD demand

Bloomberg
Bloomberg11/7/2017 7:24 AM GMT+08  • 2 min read
Singapore-based Smartkarma raises $18.4 mil in bet on MiFiD demand
SINGAPORE (Nov 7): Smartkarma, an online marketplace that connects investment research on Asian companies with professional investors, raised US$13.5 million ($18.4 million) in a round led by Sequoia India to fund its international expansion.
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SINGAPORE (Nov 7): Smartkarma, an online marketplace that connects investment research on Asian companies with professional investors, raised US$13.5 million ($18.4 million) in a round led by Sequoia India to fund its international expansion.

The series B round brings the total capital raised to US$21 million, the Singapore-based company said in a statement Monday. Existing investors, including Wavemaker Partners, Jungle Ventures and Spring Seeds, also joined the round.

Smartkarma’s expansion comes at a time when the European Union is set to roll out the new Markets in Financial Instruments Directive. The so-called MiFID II legislation takes effect in January and requires investment banks to charge for research, which has long been bundled with trading commissions and other services fees. The rules are expected to curb profit margins at asset managers, who will have to budget for research for the first time.

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