BestEx Research Group, a provider of algorithmic execution solutions for equity, futures and foreign exchange trading, has netted $10m in a funding round.
With the close of the round, the company is valued at $110m.
The follow-on investment will help BestEx accelerate its growth and hire more staff. The company is looking to launch a differentiated suite of algorithms for FX and enhancements to existing tools for equities and futures.
Founded in 2017, BestEx claims to be the first independent algorithmic trading solution for equities, futures, and foreign exchange in all markets.
It also claims to be creating a new category of innovative, broker-neutral solutions that combines sophisticated execution algorithms with a user-friendly dashboard and transaction cost analysis for multiple asset classes.
Buy-side firms can access the platform through most execution management systems and order management systems.
Sell-side firms can leverage BestEx to create custom execution solutions without needing any code. Users can also support clients through a web-based dashboard, backtest custom strategies in an exchange simulator and measure performance with transaction cost analysis.
BestEx Research founder and CEO Hitesh Mittal said, “Constant advancement is in our DNA. Our vision of extreme transparency, modern algo architecture with research-driven design, and careful measurement of outcomes resonates with our customers.
“To meet their demand, we’re expanding in multiple dimensions to cover additional asset classes and regions and increase the size and scope of our team as we provide exemplary support to users of our products.”
The company previously raised $5m for its Series A round in 2020. Since then, the firm’s average daily trading volume has increased to over $2.1bn with 25 clients now trading.
Its team currently has 35 employees.
In other WealthTech news, Sprout, a UK-based platform for underserved private investors to access a selection of venture capital funds, raised $1m in pre-seed financing.
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