Millennials' favorite investing platform Robinhood has raised $600 million in series G funding round with a total valuation of $11.7 billion.
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The company's spokeswoman told Reuters the investments came from new and existing investors in Robinhood, including Andreessen Horowitz, D1 Capital Partners, DST Global and others.
"We have 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 highlighted.
At the same time, Robinhood is facing a regulatory pressure allegedly due to the March outage which resulted in thousands of dollars of losses.
Bloomberg previously reported, citing sources familiar with the matter, that US consumer protection agencies received over 400 complaints about Robinhood over the first half of the year.
The main reason for complaints is related to the March market crash when Robinhood ceased its operations for more than a day.
Despite technical outages, in July 2020 Robinhood managed to attract $320 million. The millennial-focused platform succeeded to attract funds from several private equity companies including TSG Consumer Partners and IVP.
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