Trading insights provider Sparta it has raised a six-million-dollar Series A funding round from European venture capital firm Singular.
The investment will enable Sparta to further develop its technology platform, tap into additional geographic areas and expand its product offering beyond gasoline to become the leading information and pricing platform for all commodity traders.
Sparta was founded in 2020 by two former traders, Miles Moseley, and Felipe Elink Schuurman, to answer a common problem shared by most traders: 90% of pricing data required to make trading decisions is kept in silos and shared manually by voice, email, or chat.
Information is then manually processed into trading insights through Excel spreadsheets and a lack of centralised databases limist the ability to analyse historical price movements and trends. Consequently, traders do not have all of the information that they need, when they need it, to make fully informed decisions in a fast-moving market.
The system combines the physical and paper markets to provide traders with live access to global raw prices, from futures and swaps to forward freight and physical premiums. It also streamlines and automates traders’ day-to-day tasks by turning this information into actionable trading insights such as live global arbitrage opportunities or live price discovery.
“We are extremely pleased to welcome Sparta to our portfolio and to join them in their adventure to become the leading end-to-end platform for traders in all commodities verticals. Miles and Felipe have had tremendous success in their early days, they clearly understand the industry and the customer needs and have a clear vision on how to provide powerful and impactful solutions to such a strategically important market”, said Singular co-founder and general partner Raffi Kamber.
“A year and a half after launching, and having more than 45 customers in Europe, USA, and Asia, we have successfully demonstrated a product-market fit. The time has come for us to accelerate our growth,” added Sparta co-founder and CEO, Felipe Elink Schuurman.
“Our goal is to provide even more impactful and qualitative data, develop our analytics offering and expand our reach to the Middle East and Asia, as well as ambitiously expand into all commodity asset classes.”