Trading app Robinhood raises $660 million in latest funding round

NEW YORK - Robinhood Markets Inc, the financial technology startup credited with helping popularize trading among millennials, has increased its latest funding round from investors to $660 million, a spokeswoman for the company said on Tuesday.

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The new fundraising is an extension of the Series G round which was announced last month, when D1 Capital Partners invested $200 million in the company, and will give Robinhood an $11.7 billion valuation, the spokeswoman said.

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The new cash is coming from new and existing investors in Robinhood, including Andreessen Horowitz, Sequoia, DST Global, Ribbit Capital, 9Yards Capital, and D1 Capital Partners.

"We've raised an additional $460 million in subsequent closings to our Series G to support our core product and customer experience and new offerings like cash management and recurring investments," the spokeswoman added.

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The fundraising underscores investor appetite to back Robinhood as the company benefits from increased trading activity by retail traders during the COVID-19 lockdown.

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Robinhood's latest fundraise will take the amount of capital it has raised from investors in 2020 to around $1.25 billion, and the total amount of capital secured to more than $2 billion, according to Reuters calculations based upon PitchBook data.

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