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New York-based startup Vest Labs recently announced the successful completion of its $13 million seed funding round, which concluded in July this year. The round was led by Portal Ventures, with participation from executives of companies such as Citadel Securities, BlackRock, and KKR as individual investors. Founded by three University of Pennsylvania dropouts, Vest Labs offers qualified traders the opportunity to trade perpetual futures contracts using company funds 24/7, with traders receiving up to 80% of the profits. This model stands in stark contrast to the traditional approach of proprietary trading firms that charge users for simulated accounts, creating a differentiated competitive edge. Vest Labs plans to utilize the funds raised to develop a mobile app, expand its team, and broaden the range of tradable asset classes.
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