Sparta raised $6 million to expand its commodity technology offering
Summary
Sparta, a provider of live trading insights for commodity traders, has raised a six-million-dollar Series A funding round from Singular. Geneva-based 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. This information is then manually processed into trading insights through Excel spreadsheets and there is a lack of centralized databases to be able to analyze historical price movements and trends. “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. 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”, said Felipe Elink Schuurman, Co-founder and CEO of Sparta, "We are thrilled to have Singular on our side as we scale up our business.”