Jersey City, NJ - Following the closing of a $10 million investment round, OpenDoor Trading has become the first U.S. bond trading platform both majority-owned and majority-controlled by women. The funds will be used to support technology and business development of an 'all-to-all' trading platform for off-the-run Treasuries and TIPS. Launch is scheduled for the fall.
OpenDoor, which was co-founded by industry veterans Susan Estes and Brian Meehan less than three years ago, is developing traction with central banks, asset managers and other institutional investors, as well as the dealers that service them. Discreet trading sessions will allow a variety of protocols intended to match the needs of end-users, and improve liquidity in the U.S. Treasury market.
The latest investments in the platform include a sizeable stake from a female investor, as well as bond trader John Brynjolfsson. Hartfield, Titus & Donnelly - the municipal broker-dealer led by former Co-Head of the Americas for ICAP, Ron Purpora, also has an ownership stake in OpenDoor.
Estes, who has run trading operations for Morgan Stanley, Deutsche Bank and Countrywide, and the other female investor now control more than 65% of the voting interest in OpenDoor after the raise, which was completed at a pre-money valuation of $40 million. This follows an initial seed funding round in late-2015.