Delta Index, the Irish owned financial spread betting company, has tripled its valuation to €22m following a new €2m funding round.
The new issue, which was over subscribed, is made up of €900,000 from existing shareholders and €1.1m from new investors, according to reports by the company over the weekend.
The latest investment round values Delta at €22m, over three times the valuation just 12 months ago. Delta chairman Dermot O'Donoghue said that the current fund raising will be used to support the expansion of the Delta Index model both in Ireland and the newly opening European market.
The latest funding brings to €4.3m the amount raised since Delta Index was founded in 2002. Other investors in the company include Dolmen Securities, the parent company of Dolmen Stockbrokers.
Delta Index is the first Irish company to specialise in financial spread betting. As well as Dermot O'Donoghue, its board includes former Anglo Irish Bank senior manager of treasury Paul Kenny and former Bank of Ireland Private Banking financial adviser Chris Curran.
Financial spread betting allows retail investors to bet on the movement up or down of shares, or indices such as FTSE, NASDAQ, or commodities such as oil or gold or currencies.
